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2. Trade costs, wage difference, and endogenous growth.
- Author
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Tanaka, Akinori and Yamamoto, Kazuhiro
- Subjects
ECONOMIC development ,ECONOMIC models ,INTERNATIONAL trade ,ECONOMIC equilibrium ,WAGE differentials ,MANUFACTURING industries ,INNOVATIONS in business - Abstract
Copyright of Papers in Regional Science is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2013
- Full Text
- View/download PDF
3. The Validity of the Long-run Heckscher–Ohlin Theorem in the Ricardian System.
- Author
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Uchiyama, Takashi
- Subjects
ECONOMIC development ,COMPARATIVE advantage (International trade) ,PERFECT competition ,MONOPOLISTIC competition ,ECONOMICS ,HECKSCHER-Ohlin principle ,INTERNATIONAL trade - Abstract
Applying Burgstaller's Ricardian two-sector growth model to the two-country open economy, this paper shows that the long-run Heckscher–Ohlin theorem holds also in a Ricardian world. In addition it is shown that, if two Ricardian countries that are different only in their demand parameters open trade, comparative advantage and the corresponding trade pattern at trade opening continue in the long run after the opening of trade. [ABSTRACT FROM AUTHOR]
- Published
- 2005
- Full Text
- View/download PDF
4. Trade dynamics and endogenous growth: An overlapping-generations analysis.
- Author
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Mountford, Andrew
- Subjects
INTERNATIONAL trade ,ECONOMIC development ,INCOME ,INTERNATIONAL economic relations ,ECONOMETRIC models ,ECONOMETRICS - Abstract
This paper examines the dynamic implications of international trade in a two-sector overlapping-generations economy with endogenous growth. It analyses the global dynamics of this model for both a closed economy and a two-country world economy. It shows how international trade can cause the world economy to sort itself out into groups of fast and slow-growing economies and can also cause one country to catch up and overtake another's growth rate. U thus provides theoretical support for empirical papers which find that the world distribution of income is diverging. [ABSTRACT FROM AUTHOR]
- Published
- 1999
- Full Text
- View/download PDF
5. Rough and lonely road to prosperity: a reexamination of the sources of growth in Africa using Bayesian model averaging.
- Author
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Masanjala, Winford H. and Papageorgiou, Chris
- Subjects
EXPORTS ,ECONOMIC development ,BAYESIAN analysis ,INTERNATIONAL trade ,MINERAL industries ,MINES & mineral resources - Abstract
This paper takes a fresh look at Africa's growth experience by using the Bayesian model averaging (BMA) methodology. BMA enables us to consider a large number of potential explanatory variables and sort out which of these variable can effectively explain Africa's growth experience. Posterior coefficient estimates reveal that key engines of growth in Africa are substantially different from those in the rest of the world. More precisely, it is shown that mining, primary exports and initial primary education exerted differential effect on African growth. These results are examined in relation to the existing literature. Copyright © 2008 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]
- Published
- 2008
- Full Text
- View/download PDF
6. Trade openness reduces growth volatility when countries are well diversified.
- Author
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Haddad, Mona, Lim, Jamus Jerome, Pancaro, Cosimo, and Saborowski, Christian
- Subjects
ECONOMIC development ,MARKET volatility ,PORTFOLIO diversification ,EXPORTS ,ECONOMIC models ,ECONOMIC research ,INTERNATIONAL trade - Abstract
Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2013
- Full Text
- View/download PDF
7. National borders matter ... where one draws the lines too.
- Author
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Lavallée, Emmanuelle and Vicard, VincENt
- Subjects
BUSINESS enterprises ,PARAMETER estimation ,STRUCTURAL equation modeling ,GLOBALIZATION ,ECONOMIC development ,WORLD War II ,INTERNATIONAL trade - Abstract
Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2013
- Full Text
- View/download PDF
8. SHOULD CITIES GO FOR THE GOLD? THE LONG-TERM IMPACTS OF HOSTING THE OLYMPICS.
- Author
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BILLINGS, STEPHEN B. and HOLLADAY, J. SCOTT
- Subjects
OLYMPIC Games & economics ,OLYMPIC Games planning ,HOSTING of sporting events ,TOURISM ,INFRASTRUCTURE (Economics) ,ECONOMIC development ,INTERNATIONAL trade ,CAPITAL movements ,ECONOMICS - Abstract
The Summer Olympics bring hundreds of thousands of visitors and generate upward of $10 billion in spending for the host city. This large influx of tourism dollars is only part of the overall impact of hosting the Olympic Games. In order to host the visitors and sporting events, cities must make sizable investments in infrastructure such as airports, arenas, and highways. Additionally, the publicity and international exposure of a host city may benefit international trade and capital flows. Proponents argue that this investment will pay off through increased economic growth, but research confirming these claims is lacking. This paper examines whether hosting an Olympiad improves a city's long-term growth. In order to control for the self-selection of cities that host Olympic Games, this paper matches Olympic host cities with cities that were finalists for the Olympic Games, but were not selected by the International Olympic Committee. A difference-in-difference estimator examines post-Olympic impacts for host cities between 1950 and 2005. Regression results provide no long-term impacts of hosting an Olympics on two measures of population, real Gross Domestic Product per capita and trade openness. ( JEL O18, R11) [ABSTRACT FROM AUTHOR]
- Published
- 2012
- Full Text
- View/download PDF
9. Economic Growth, TFP Convergence and the World Export of Ideas: A Century of Evidence.
- Author
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Madsen, Jakob B.
- Subjects
ECONOMIC indicators ,INTELLECTUAL property ,ECONOMIC development ,PATENTS ,INTERNATIONAL trade ,IMPORT credit ,STOCHASTIC convergence ,IMPORTS ,INDUSTRIAL productivity - Abstract
This paper examines the effect of international patent stock on total factor productivity for 16 OECD countries over the past 120 years. The results show that the international patent stock is highly influential for economic growth and, together with knowledge spillovers through the channel of imports, has contributed significantly to TFP growth and σ-convergence among the OECD countries over the past 120 years. [ABSTRACT FROM AUTHOR]
- Published
- 2008
- Full Text
- View/download PDF
10. Why has trade grown faster than income?
- Author
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Rose, Andrew K.
- Subjects
ECONOMIC development ,INTERNATIONAL trade ,TARIFF - Abstract
Trade of the OECD countries has grown faster than income during the postwar period. This paper tests a number of different hypotheses for the observed growth in the trade/income ratio. For small open economies, increases in real output and international reserves, as well as declines in tariff rates are associated with growth in the ratio. There are important differences in the behaviour of the trade ratio across time and country size. [ABSTRACT FROM AUTHOR]
- Published
- 1991
- Full Text
- View/download PDF
11. Trade Liberalization: Welfare Distribution and Costs Discussion.
- Author
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Sheldon, Ian
- Subjects
INTERNATIONAL trade ,FREE trade ,AGRICULTURAL subsidies ,COMMERCIAL treaties ,TRADE regulation ,PUBLIC welfare ,ECONOMIC development ,AGRICULTURAL policy ,DEVELOPING countries - Abstract
The article discusses the issues concerning the impact of globalization on developing countries, the measurement of regional trade agreements' (RTAs') costs and benefits, and the global welfare consequences of agricultural subsidies in developed countries. It has been found out that there is a connection between poverty-reduction and trade liberalization, and that the economic opportunities provided by trade liberalization can affect institutional change in developing countries. This implies that success must be attained in the Doha Round of World Trade Organization to counter the proliferation of RTAs. However, making farm policies of developed countries less trade-distorting is now being considered in many debates.
- Published
- 2006
- Full Text
- View/download PDF
12. Tigers at a crossroads: Shedding light on the role of Bangladesh in the illegal trade of this iconic big cat.
- Author
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Uddin, Nasir, Enoch, Sam, Harihar, Abishek, Pickles, Rob S. A., and Hughes, Alice C.
- Subjects
TRADE routes ,INTERNATIONAL trade ,WILD animal trade ,CONSUMERS ,ECONOMIC development ,ENDANGERED species - Abstract
Unsustainable wildlife trade is a major threat to many species, but quantifying trade remains challenging, as seizure data provides an incomplete understanding. For this reason, integrating multiple types of information, including interviews with actors involved in trade, is crucial if we are to understand the problem better. Hence, in this study, we digitized Bangladesh Forest Department tiger seizure records to identify trade routes and interviewed 163 individuals involved in trafficking tigers through Bangladesh's air, sea and land ports, including poachers, smugglers, and traders. We identified six ports used to import tigers, 14 ports used for tiger export and three ports showing bi‐directional trade. Elite Bangladeshis were the most important consumer group, and tigers were sourced from populations in NE India, Myanmar and Bangladesh Sundarbans to supply domestic demand. Tiger products were exported to 14 countries, including seven G20 nations, with Bangladeshi expatriates as the consumer group in three countries (United Kingdom, Germany and Qatar). Rising economic development in Bangladesh over the last decade, combined with deep‐rooted cultural ties to tiger consumption, has led to a rise in domestic demand. Additionally, rapid growth in international transport links has increased smuggling and connected local traders with global markets, increasing the complexity of global trade. These findings suggest Bangladesh is poised to play a pivotal role in tiger conservation over the next decade, requiring strong national strategies to reduce trade opportunities, disrupt networks and weaken demand. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
13. Development-related biases in factor productivities and the HOV model of trade.
- Author
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Maskus, Keith E. and Nishioka, Shuichiro
- Subjects
PRODUCTION (Economic theory) ,DEVELOPING countries ,DEVELOPED countries ,FACTOR proportions ,FACTORS of production ,ECONOMIC development ,INTERNATIONAL trade - Abstract
Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2009
- Full Text
- View/download PDF
14. Free trade and the burden of domestic policy.
- Author
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Gulati, Sumeet
- Subjects
FREE trade ,GOVERNMENT policy ,ECONOMIC development ,COMMERCIAL policy ,INTERNATIONAL trade ,TERMS of trade ,ECONOMIC policy ,TRADE negotiation ,INTERNATIONAL economic relations ,COMMERCE - Abstract
Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2008
- Full Text
- View/download PDF
15. Is Financial Globalization Beneficial?
- Author
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MISHKIN, FREDERIC S.
- Subjects
INTERNATIONAL competition ,CAPITAL movements ,ECONOMIC development ,GLOBALIZATION ,INTERNATIONAL trade ,FINANCIAL crises - Abstract
This lecture examines whether financial globalization is beneficial to developing countries by first examining the evidence on financial development and economic growth and concludes that financial development is indeed a key element in promoting economic growth. It then asks why if financial development is so beneficial, it often does not occur. It then goes on to examine whether globalization, particularly of the financial kind, can help encourage financial and economic development and argues that it can. However, financial globalization does not always work to encourage economic development because it often leads to devastating financial crises. The issue is thus not whether financial globalization is inherently good or bad, but whether it can be done right. [ABSTRACT FROM AUTHOR]
- Published
- 2007
- Full Text
- View/download PDF
16. The Doha Agenda Negotiations on Agriculture: What Could They Deliver?
- Author
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Martin, Will and Anderson, Kym
- Subjects
INTERNATIONAL trade ,ECONOMIC reform ,ECONOMIC policy ,ECONOMIC development ,AGRICULTURAL economics ,PUBLIC welfare ,SOCIAL services ,ECONOMICS - Abstract
The article cites a study that examines the World Trade Organization (WTO) negotiations on agriculture that emerged as a critical element in the postponed Doha Development Agenda. Particularly, this paper aims to examine the potential implications of complete trade reform. These will then be used as a benchmark against which to evaluate options within the parameters agreed at the WTO in August 2004. Results show that agricultural trade reform is potentially more important as a source of gains to the world than reform of the much bigger nonagricultural merchandise sector.
- Published
- 2006
- Full Text
- View/download PDF
17. ‘Globalizing’ regional development: a global production networks perspective.
- Author
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Coe, Neil M, Hess, Martin, Yeung, Henry Wai-chung, Dicken, Peter, and Henderson, Jeffrey
- Subjects
GLOBALIZATION ,ECONOMIC development ,MANUFACTURING industries ,ORGANIZATIONAL structure ,COMMERCIAL products ,INTERNATIONAL trade - Abstract
Recent literature concerning regional development has placed significant emphasis on local institutional structures and their capacity to‘hold down’ the global. Conversely, work on inter-firm networks– such as the global commodity chain approach– has highlighted the significance of the organizational structures of global firms’ production systems and their relation to industrial upgrading. In this paper, drawing upon a global production networks perspective, we conceptualize the connections between‘globalizing’ processes, as embodied in the production networks of transnational corporations, and regional development in specific territorial formations. We delimit the‘strategic coupling’ of the global production networks of firms and regional economies which ultimately drives regional development through the processes of value creation, enhancement and capture. In doing so, we stress the multi-scalarity of the forces and processes underlying regional development, and thus do not privilege one particular geographical scale. By way of illustration, we introduce an example drawn from recent research into global production networks in East Asia and Europe. The example profiles the investments of car manufacturer BMW in Eastern Bavaria, Germany and Rayong, Thailand, and considers their implications for regional development. [ABSTRACT FROM AUTHOR]
- Published
- 2004
- Full Text
- View/download PDF
18. A Survey of Economic Growth.
- Author
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Rogers, Mark
- Subjects
ECONOMIC development ,GROSS domestic product ,ECONOMETRIC models ,INTERNATIONAL trade - Abstract
Discusses the process of economic growth. Growth of gross domestic product per capita; Endogenous growth models; International trade.
- Published
- 2003
- Full Text
- View/download PDF
19. International Trade, Population, and International Inequality.
- Subjects
INTERNATIONAL trade ,INTERNATIONAL economic integration ,INTERNATIONAL finance ,ECONOMIC development ,ECONOMIC indicators ,INTERNATIONAL economic relations - Abstract
Reprints the paper "Uses and Limitations of International Trade in Overcoming Inequalities in World Distribution of Population and Resources," by Folke Hilgerdt, which was presented to the first post-war World Population Conference in Rome in 1954. Discussion about international disequilibrium; Utilization of modern technology in a manner permitting organic economic growth; Factors involved in the problem of international economic integration.
- Published
- 1982
- Full Text
- View/download PDF
20. Unifying Ricardo's Theories of Growth and Comparative Advantage.
- Author
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Burgstaller, André
- Subjects
COMPARATIVE advantage (International trade) ,HECKSCHER-Ohlin principle ,INTERNATIONAL trade ,ECONOMIC development ,ECONOMICS - Abstract
The paper formally integrates Ricardo's two-sector growth model with his theory of comparative advantage. Differences with conventional representations of Ricardian trade theory, as well as with Heckscher-Ohlin-Samuelson theory, are noted. It is shown that the Ricardian equilibrium terms of trade are fully determinate, as against the standard Millian view. Also, trade may, depending on direction of specialization, inhibit rather than promote growth and lead to a net contraction of the world economy. [ABSTRACT FROM AUTHOR]
- Published
- 1986
- Full Text
- View/download PDF
21. Adam Smith's Theory of International Trade in the Perspective of Economic Development.
- Author
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Myint, H.
- Subjects
INTERNATIONAL trade ,ECONOMICS ,COST effectiveness ,INTERNATIONAL economic relations ,ECONOMIC development ,ECONOMIC policy - Abstract
The aim of this paper is to re-appraise the significance of the "real" as distinct from the "monetary" aspect of Smith's international trade theory. It will be argued that Smith's theory of foreign trade is so closely interwoven with his theory of domestic economic development that the two have to be considered together. This means that Smith's trade theory should not be treated simply as a static cross-section analysis of the existing pattern of trade based on the allocation of the given resources with the given productivity; rather it should be considered as an attempt to study the longer-run mutual interaction between foreign trade and domestic economic development, essentially involving an increase in the total volume of the resources and a rise in their productivity. [ABSTRACT FROM AUTHOR]
- Published
- 1977
- Full Text
- View/download PDF
22. Economic and social upgrading in global production networks: Problems of theory and measurement.
- Author
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MILBERG, William and WINKLER, Deborah
- Subjects
ECONOMIC development ,INTERNATIONAL trade ,ECONOMIC globalization ,PRODUCTION standards - Abstract
. Economic development has increasingly become synonymous with 'economic upgrading' within global production networks (GPNs). Yet, while there has been much research on connecting economic upgrading with economic growth and international trade, there has been less analysis of the relationship between economic and 'social upgrading', i.e. improvements in the wages, conditions, rights, gender equality and economic security of workers in GPNs. Focusing on developing countries, this article reviews the ways in which economic and social upgrading are measured and scrutinizes the theoretical connection between these two dimensions of upgrading. The authors conclude with a brief discussion of policy implications. [ABSTRACT FROM AUTHOR]
- Published
- 2011
- Full Text
- View/download PDF
23. Anatomy of Growth in the Developed World.
- Author
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Smart, Mike
- Subjects
ECONOMIC development ,SOCIAL problems ,GROSS domestic product ,INTERNATIONAL trade ,INTELLECTUAL property ,ARBITRAGE ,DEVELOPED countries ,PREVENTION - Abstract
The developed world is dependent upon an increasingly unreliable strategy of economic growth to avoid a range of social problems. The character of growth in the developed world has become increasingly perverse, being based partly on frustration strategies, in response to the widespread satiation of basic needs. The rise of satiation has been obscured by the focus of economists on output measures, such as GDP. Meanwhile, trade engagement with the developing world - a potential strategy for need-satisfying growth - is hampered by fears of intellectual property arbitrage and agricultural protectionism. Near term, growth could be sustained by overcoming these impediments. Longer term, a transition is required from growth in output to growth in sophistication. [ABSTRACT FROM AUTHOR]
- Published
- 2011
- Full Text
- View/download PDF
24. Does Economic Development Impact the Foreign Direct Investment–Trade Relationship? A Gravity-Model Approach.
- Author
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Gopinath, Munisamy and Echeverria, Rodrigo
- Subjects
FOREIGN investments ,INTERNATIONAL trade ,COMMERCE ,INTERNATIONAL economic relations ,ECONOMIC development ,ECONOMIC policy ,ECONOMICS - Abstract
The purpose of this study is to examine the relationship between foreign direct investment (FDI) and trade in a bilateral context, that is, home country's exports and FDI to a host country are analyzed using a gravity-model approach. The home country's primary concern in this study is on the possible loss of employment due to more FDI than trade. There have been concerns on knowledge spillovers and the erosion of technological leadership due to capital outflows. For a host country, the focus is on the effects of FDI on economic growth and development and technology trasfer. In this study, it is being hypothesized that institutional requirements are likely to be different for trade and FDI transactions. While geography and poverty may discourage trade, good institutions can help in other forms of economic integration with the rest of the world.
- Published
- 2004
- Full Text
- View/download PDF
25. Growth and Welfare in a Small, Open Economy.
- Author
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Eaton, Jonathan and Panagirya, Arvind
- Subjects
ECONOMIC development ,INTERNATIONAL trade - Abstract
The literature on trade and growth provides several examples in which factor augmentation or technical progress can reduce the welfare of an open economy. The most famous example of such "immiserizing growth" is Bhagwati's (1958) demonstration that growth that expands the export industry can reduce welfare by causing the terms of trade to deteriorate. More recently, examples have been provided in which growth due to either factor expansion or technical progress in the presence of domestic distortions can be immiserizing even in a small, open economy. Johnson (1967), for example, shows that technical progress in the import-competing industry or growth of the factor used intensively in that industry can reduce welfare if the industry is protected by a tariff. Similarly, Bhagwati (1969) shows that the presence of factor market distortions also introduces the possibility of immiserizing growth. He concludes more generally that growth may be immiserizing in the presence of any of several types of distortions.
While the possibility of immiserizing growth in the presence of distortions has been recognized, little has been said about conditions under which growth is necessarily non-beneficial or non-harmful. The present paper derives sufficient conditions for growth, in the form of either factor augmentation or technical progress, not to immiserize a small, open economy characterized by variable returns to scale (VRS), production and consumption taxes, tariffs and factor market distortions. Moreover, in each case we provide an explicit condition for the effect of growth on welfare when growth takes the form of an infinitesimal increase in a factor supply or improvement in technology.[1]. [ABSTRACT FROM AUTHOR]- Published
- 1982
- Full Text
- View/download PDF
26. FIFTH FAR EASTERN MEETING, TOKYO, JUNE 1970.
- Subjects
CONFERENCES & conventions ,INTERNATIONAL trade ,ECONOMIC development - Abstract
Outlines the program on the Fifth Far Eastern Meeting in Tokyo, Japan. Lists of discussants for International Trade, theory of economic growth and asset of markets; Presentation of papers on econometric studies; Symposium on economic planning and econometrics of education.
- Published
- 1971
27. An Empirical Test of Comparative Cost Theories: Japan, Peru, The United Kingdom and the United States.
- Author
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Katrak, Homi
- Subjects
ECONOMICS ,HECKSCHER-Ohlin principle ,COMPARATIVE advantage (International trade) ,INTERNATIONAL trade ,ECONOMIC development ,DEVELOPED countries - Abstract
This article presents an empirical test on comparative cost theories. The tests are undertaken for three pairs of countries: Japan and the U.S., Peru and the U.S. and the Great Britain and the U.S. Although the choice of countries is determined by the availability of the relevant data, the coverage is interesting since the countries involved are at different levels of economic development, have different relative factor prices and due to differences in their geographical location, are likely to have different endowments of particular natural resources. The main finding of the tests discussed in this paper is that comparative costs can be explained in terms of the combined influence of the causal factors stressed in the Ricardian and Heckscher-Ohlin theories, even though neither theory gives satisfactory results when considered independently of the other.
- Published
- 1969
- Full Text
- View/download PDF
28. The Role of Export Cropping in Less Developed Countries: Discussion.
- Author
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Bale, Malcolm D.
- Subjects
AGRICULTURE ,ECONOMIC development ,DEVELOPING countries ,INTERNATIONAL trade - Abstract
Criticizes a paper which addressed the role of agricultural exports in economic development. How agricultural export-oriented policies could help developing countries; Approaches to solving food security problems.
- Published
- 1981
- Full Text
- View/download PDF
29. Assessing the effects of the Mexican Drug War on economic growth: An empirical analysis.
- Author
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Bel, Germà and Holst, Maximilian
- Subjects
ECONOMIC development ,INTERNATIONAL trade ,POLITICAL stability ,PER capita ,FINANCIAL crises - Abstract
Mexican President Felipe Calderón took office in December 2006. From the outset, his government deployed an aggressive security policy to fight drug trafficking organizations in what became known as the “Mexican Drug War.” The policy earned considerable criticism since a heavy number of unintended casualties resulted from the frontal assault waged against the drug cartels. In this article, we evaluate the effects of the Mexican Drug War on Mexican states’ economic growth. To do so, we study the effects of the rise in the homicide rate and changes in a state‐level approximation of the military budget on economic growth. Using dynamic panel data econometrics, we find that while the growth in the number of homicides had negative and significant effects on state GDP growth, state military expenditures aimed at fighting drug trafficking had a positive and significant effect on the per capita economic growth rate. [ABSTRACT FROM AUTHOR]
- Published
- 2018
- Full Text
- View/download PDF
30. World trade recovering but still reasons for caution.
- Subjects
INTERNATIONAL trade ,EMERGING markets ,SUPPLY chains ,ECONOMIC development ,GROSS domestic product ,FINANCIAL liberalization - Abstract
▀ World trade has picked up in recent months, expanding at the fastest pace in six years in the first quarter, with the rise fairly evenly split between advanced and emerging markets. Stronger activity in China and a broader upturn in global investment have been key factors. But there are still reasons for caution. Although the 'cyclical' element in world trade is improving, the 'trend' element is not thanks to changes in supply chains and a lack of trade liberalisation., ▀ World trade growth looks set to reach about a 4% annual rate in Q1 2017, the fastest pace since 2011. Alternative freight-based indicators confirm the upturn. This suggests some modest near-term upside risk to our world growth forecasts., ▀ Recent growth has been evenly split between advanced countries and emerging markets (EM). In EM, the end of deep recessions in Russia and Brazil and an upturn in China have been key factors. China directly added 0.5 percentage points to annual world trade growth over recent months and firmer growth there has also pushed up commodity prices and the spending power and imports of commodity exporters., ▀ Another important positive factor is an improvement in investment, which is a trade-intensive element of world GDP. Rising capital goods imports across a range of countries suggest the drag on world trade from weak investment is fading., ▀ The decline in the ratio of world trade growth to world GDP growth over recent years has both cyclical and structural elements. But while the cyclical component now seems to be improving, there is little evidence that the structural part - responsible for between a half and two-thirds of the recent decline - is doing likewise., ▀ Key factors behind the structural decline in world trade growth are changes in supply chains and a lack of trade liberalisation/protectionism. Both are likely to remain a drag over the coming years. Meanwhile, a levelling-off of growth in China and drop back in commodity prices could curb the recent cyclical uptick. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
31. SOME DYNAMIC ASPECTS OF FOOD STANDARDS.
- Author
-
SWINNEN, JOHAN
- Subjects
FOOD standards ,FOOD ,FOOD & politics ,ECONOMIC development ,INTERNATIONAL trade ,ECONOMICS - Abstract
Food standards have existed since the beginning of trade and exchange, but have increased and expanded in recent years, affecting global and local value chains. This has triggered vigorous debates on the impacts on trade and development. Standards may simultaneously enhance economic efficiency and redistribute rents, complicating policy analysis and implying that "the economics" and "the politics" of standards are often hard to separate. While substantial research has contributed important insights, dynamic aspects of standards have not received much attention. I present a framework to illustrate some dynamic economic and political aspects of standards in closed and open economies. This framework integrates changes over time in preferences, implementation costs, and protectionist pressures as determinants of standards, and suggests explanations for persistent differences in food standards across countries. Hysteresis in standards can persist due to protectionist motives, even if the initial standards were not introduced for protectionist reasons. I use some historical cases to document both the persistence and adjustment of standards over time and with international integration. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
32. Qatar's LNG: Impact of the Changing East-Asian Market.
- Author
-
Wright, Steven
- Subjects
ECONOMIC development ,NATURAL gas reserves ,LIQUEFIED natural gas ,ENERGY policy ,TWENTY-first century ,INTERNATIONAL trade ,ECONOMIC history - Abstract
The article focuses on the rapid economic development of Qatar brought by its extraordinary reserves of natural gas enabling to become the leading exporter of liquefied natural gas (LNG). Topics covered include the transformative changes occurring in the LNG market, the global investment in natural-gas exploitation in the absence of competition, and the need for the recalibration of Qatar's energy policy and supply linkages.
- Published
- 2017
- Full Text
- View/download PDF
33. Growth, expectations and tariffs.
- Author
-
Honkapohja, Seppo, Turunen‐Red, Arja H., and Woodland, Alan D.
- Subjects
INTERNATIONAL trade ,ECONOMICS ,ECONOMIC development ,TECHNOLOGICAL innovations ,INVESTMENTS ,MACROECONOMICS - Abstract
Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2016
- Full Text
- View/download PDF
34. IMPACT OF CORRUPTION ON FIRM-LEVEL EXPORT DECISIONS.
- Author
-
Olney, William W.
- Subjects
TRADING companies ,ECONOMIC development ,DISTRIBUTORS (Commerce) ,INDUSTRIAL productivity ,INSTRUMENTAL variables (Statistics) ,CORRUPTION ,DEVELOPING countries ,INTERNATIONAL trade - Abstract
This article examines the impact of corruption on the self-selection of firms into domestic and export markets. A heterogeneous firm model predicts that corruption decreases the probability that a firm only sells domestically, increases the probability that a firm exports indirectly through an intermediary, and decreases the probability that a firm exports directly. The propositions of the model are tested using a comprehensive dataset of over 23,000 firms in 80 developing countries. The results confirm both the self-selection of firms according to their productivity and the anticipated impact of corruption. This indicates that in developing countries where corruption is especially severe, intermediaries provide a crucial link to global markets. ( JEL F1, O1) [ABSTRACT FROM AUTHOR]
- Published
- 2016
- Full Text
- View/download PDF
35. Big push or big grab? Railways, government activism, and export growth in Latin America, 1865-1913.
- Author
-
Bignon, Vincent, Esteves, Rui, and Herranz‐Loncán, Alfonso
- Subjects
RAILROADS ,GOVERNMENT ownership of railroads ,EXPORTS & economics ,ECONOMIC development ,INTERNATIONAL trade ,LATIN American politics & government ,HISTORY ,ECONOMICS ,ECONOMIC policy - Abstract
Railways were one of the main engines of the Latin American trade boom before 1914. Railway construction often required financial support from local governments, which depended on their fiscal capacity. However, since the main government revenues were trade-related, this generated a two-way feedback between government revenues and railways, with a potential for multiple equilibria. The empirical tests in this article support the hypothesis of such a positive two-way relationship. The main implication of our analysis is that the build-up of state capacity was a necessary condition for railway expansion and also, to a large extent, for export expansion in Latin America during the first globalization. [ABSTRACT FROM AUTHOR]
- Published
- 2015
- Full Text
- View/download PDF
36. On the International Trade and Economic Growth Nexus in New Zealand.
- Author
-
Singh, Tarlok
- Subjects
INTERNATIONAL trade ,ECONOMIC development ,OPTIMAL control theory ,AUTOREGRESSION (Statistics) ,ECONOMIC policy - Abstract
This study examines the effects of international trade and investment on output and tests the Granger-causal nexus among trade, investment and economic growth in New Zealand for the period 1954-2007. The results provide consistent support for the long-run effects of trade and investment on output. The optimal single-equation and the vector autoregression-based system estimates of the model consistently suggest positive and significant long-run effects of exports and investment on output. The effects of imports on output are positive across all and statistically significant across most estimators. The Johansen test for cointegration suggests the presence of one equilibrium relationship among the model variables. The JMN test for cointegration with structural breaks provides mixed support, while the end-of-sample cointegration breakdown tests lend dominant support for cointegration among the model variables. The positive and significant long-run effects of exports and investment on output underline the need for the promotion of exports and increase in investment to foster higher levels of output and economic growth. [ABSTRACT FROM AUTHOR]
- Published
- 2015
- Full Text
- View/download PDF
37. World Economic Prospects.
- Subjects
ECONOMIC indicators ,ECONOMIC development ,INTERNATIONAL trade ,ECONOMICS ,ECONOMIC conditions in Japan, 1989- ,UNITED States economy, 2009-2017 ,ECONOMIC conditions in Russia, 1991- ,ECONOMIC history - Abstract
Overview: darkness before the dawn? A number of indicators suggest the global economy may decelerate into the year-end., One especially worrying development is an apparent renewed softening in world trade growth. Our OE export indicator dropped in October to its lowest level since May 2013 and some other trade indicators (e.g. for container trade) have also been subdued., At a country level, growth has remained subdued in the Eurozone, prompting another slight forecast downgrade this month. Japan meanwhile slipped back into technical recession in Q3., Emerging markets remain mixed but with an overall soft tone. Among the BRIC economies there are few signs yet of a significant cyclical upturn - and in Russia the situation has deteriorated further., There has been better news from the US, where Q3 growth again came in at an annualised rate above 3% and jobs growth continues at over 200,000 a month. Consumer spending growth ebbed a little in Q3 but we expect it to pick up in the quarters ahead., Despite some gloomy near-term signals, there are a number of key positive factors for 2015 and beyond. The first is the fall in oil prices - now almost 30% down from the June peak - which will support consumer spending and lower business costs., And global policy settings are becoming more supportive. Though the US has now ended asset purchases, the Bank of Japan has announced a big increase in asset purchases. And with the ECB suggesting a possible €1 trillion increase in its balance sheet, the flow of central bank policy support in 2015/16 may not be very different from 2014., Fiscal policy may also be moving in a more positive direction. The Eurozone seems to be edging away from austerity while in Japan there is a strong possibility that the second rise in the consumption tax, planned for Q4 2015, will be delayed., These positive factors mean that we expect world GDP growth to firm from 2.6% in 2014 to 2.8% next year. This will be the best year since 2011, though growth will remain sub-par for a recovery period. [ABSTRACT FROM AUTHOR]
- Published
- 2014
- Full Text
- View/download PDF
38. Vent for surplus or productivity breakthrough? The Ghanaian cocoa take-off, c. 1890-1936.
- Author
-
Austin, Gareth
- Subjects
CACAO growing ,GHANAIAN economy ,ECONOMIC development ,COCOA ,PRODUCTION (Economic theory) ,CACAO growers ,AGRICULTURAL laborers ,INTERNATIONAL trade ,HISTORY - Abstract
Through a case study of cocoa-farming in Ghana, this article takes up the longrunning but recently neglected debate about the 'cash crop revolution' in tropical Africa during the early colonial period. It focuses on the supply side, to test the much criticized but never superseded 'vent-for-surplus' interpretation of the export expansion as a substitution of labour for leisure. The article argues that while the model captured certain features of the case, such as the application of labour to underused land, its defining claim about labour is without empirical foundation. Rather, the evidence points to a reallocation of resources from existing market activities towards the adoption of an exotic crop, entailing a shift towards a new, qualitatively different and more profitable kind of production function. This innovation is best understood in the context of the long-term search of African producers for ways of realizing the economic potential of their resource of relatively abundant land, while ameliorating the constraints which the environment put upon its use. [ABSTRACT FROM AUTHOR]
- Published
- 2014
- Full Text
- View/download PDF
39. Regulation, rent-seeking, and the Glorious Revolution in the English Atlantic economy.
- Author
-
ZAHEDIEH, NUALA
- Subjects
IMPERIALISM -- Economic aspects ,ECONOMIC development ,SLAVE trade ,ECONOMIC competition ,RENT seeking ,INTERNATIONAL trade ,ADMINISTRATION of British colonies ,ECONOMIC conditions in Great Britain ,SEVENTEENTH century ,ECONOMIC history - Abstract
The rapid rise of England's colonial commerce in the late seventeenth century expanded the nation's resource base, stimulated efficiency improvements across the economy, and was important for long-term growth. However, close examination of the interests at play in England's Atlantic world does not support the Whiggish view that the Glorious Revolution played a benign role in this story. In the decades after the Restoration, the cases of the Royal African Company and the Spanish slave trade in Jamaica are used to show that the competition between Crown and Parliament for control of regulation constrained interest groups on either side in their efforts to capture the profits of empire. Stuart 'tyranny' was not able to damage growth and relatively competitive (and peaceful) conditions underpinned very rapid increases in colonial output and trade. The resolution of the rules of the Atlantic game in 1689 allowed a consolidated state better to manipulate and manage the imperial economy in its own interests. More secure rent-seeking enterprises and expensive wars damaged growth and European rivals began a process of catch-up. The Glorious Revolution was not sufficient to permanently halt economic development but it was sufficient to slow progress towards industrial revolution. [ABSTRACT FROM AUTHOR]
- Published
- 2010
- Full Text
- View/download PDF
40. Partisan Waves: International Business Cycles and Electoral Choice.
- Author
-
Kayser, Mark Andreas
- Subjects
INTERNATIONAL business cycles ,CHOICE (Psychology) ,INTERNATIONAL trade ,ECONOMIC globalization ,ECONOMIC development ,PARTISANSHIP ,DEVELOPED countries ,PRACTICAL politics - Abstract
Pundits have often claimed, but scholars have never found, that partisan swings in the vote abroad predict electoral fortunes at home. Employing semiannual Eurobarometer data on vote intention in eight European countries, this article provides statistical evidence of international comovement in partisan vote intention and its provenance in international business cycles. Electoral support for “luxury parties,” those parties associated with higher spending and taxation, covaries across countries together with the business cycle. Both the domestic and international components of at least one economic aggregate—unemployment—prove a strong predictor of shifts in domestic vote intention. Globalization, by driving business cycle integration, is also synchronizing partisan cycles. [ABSTRACT FROM AUTHOR]
- Published
- 2009
- Full Text
- View/download PDF
41. Institutions and Trade: Competitors or Complements in Economic Development?
- Author
-
BHATTACHARYYA, SAMBIT, DOWRICK, STEVE, and GOLLEY, JANE
- Subjects
INTERNATIONAL trade ,ECONOMIC development ,GLOBALIZATION ,INCOME ,ECONOMIC policy - Abstract
This article contributes to the debate over the empirical relationship between trade openness and economic development. Unlike previous studies which treat trade openness and institutions as competitors in economic development, we find evidence that they are in fact complements. We also find that in order for a country to benefit from trade, its institutional quality has to be above a certain threshold level. These results are suggestive of an important complementary role for trade openness and institutions in economic development. [ABSTRACT FROM AUTHOR]
- Published
- 2009
- Full Text
- View/download PDF
42. Presidential Saber Rattling and the Economy.
- Author
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Wood, B. Dan
- Subjects
ECONOMIC development ,ECONOMIC policy ,INTERNATIONAL trade ,ECONOMIC reform ,GOVERNMENT policy ,INTERNATIONAL relations - Abstract
Saber rattling is a prominent tool of the U.S. president's foreign policy leadership. Yet there has been no study of how presidential saber rattling affects international or domestic political outcomes. This study evaluates how presidential saber rattling affects U.S. economic behavior and performance. Theoretically, the study demonstrates that presidential rhetoric affects the risks that economic actors are willing to take, as well as the consequences of these resulting behaviors for U.S. economic performance. Using monthly time series running from January 1978 through January 2005, vector autoregression methods are applied to show that increased presidential saber rattling produces increased perceptions of negative economic news, declining consumer confidence, lower personal consumption expenditures, less demand for money, and slower economic growth. More broadly, the study demonstrates an important linkage between the president's two most important roles: foreign and economic policy leadership. The president's foreign policy pronouncements not only impact other nations, but also affect domestic economic outcomes. [ABSTRACT FROM AUTHOR]
- Published
- 2009
- Full Text
- View/download PDF
43. CONSUMING CLASS: Multilevel Marketers in Neoliberal Mexico.
- Author
-
CAHN, PETER S.
- Subjects
ECONOMICS ,LIBERALISM ,ECONOMIC development ,INTERNATIONAL trade ,FREE enterprise - Abstract
Since the 1980s, Mexican leaders have followed other Latin American countries in pursuing neoliberal economic policies designed to stimulate foreign investment, reduce public spending, and promote free trade. Recent studies of indigenous movements and popular protests challenge the idea that these market-based economic reforms enjoy a broad consensus and suggest that elites impose them by force. By turning the focus to middle-class Mexicans, I argue that some nonelite sectors of society avidly welcome the reign of the free market. Although they do not profit directly from unregulated capitalism, the middle class looks to neoliberalism to ensure access to the material markers of class status. The rising popularity of multilevel marketing companies in Mexico, which glorify consumption and celebrate the possibilities of entrepreneurship, demonstrates the appeal of neoliberalism to citizens fearful of diminished purchasing power. By tying consumption to globalized free markets, neoliberalism does not need coercion to win acceptance. [ABSTRACT FROM AUTHOR]
- Published
- 2008
- Full Text
- View/download PDF
44. Industrial targeting in free trade areas with policy independence.
- Author
-
Grinols, Earl L. and Silva, Peri
- Subjects
FREE trade ,INDUSTRIALIZATION ,ECONOMIC policy ,SOCIAL processes ,ECONOMIC development ,INDUSTRIAL policy ,COMMERCIAL policy ,INTERNATIONAL trade ,TERMS of trade - Abstract
Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2008
- Full Text
- View/download PDF
45. Democracy and Economic Growth: A Meta-Analysis.
- Author
-
Doucouliagos, Hristos and Ulubaşoğlu, Mehmet Ali
- Subjects
DEMOCRACY -- Economic aspects ,ECONOMIC development ,ECONOMIC indicators ,REGRESSION analysis ,INTERNATIONAL finance ,HUMAN capital ,POLITICAL stability ,INTERNATIONAL trade ,META-analysis - Abstract
Despite a sizeable theoretical and empirical literature, no firm conclusions have been drawn regarding the impact of political democracy on economic growth. This article challenges the consensus of an inconclusive relationship through a quantitative assessment of the democracy-growth literature. It applies meta-regression analysis to the population of 483 estimates derived from 84 studies on democracy and growth. Using traditional meta-analysis estimators, the bootstrap, and Fixed and Random Effects meta-regression models, it derives several robust conclusions. Taking all the available published evidence together, it concludes that democracy does not have a direct impact on economic growth. However, democracy has robust, significant, and positive indirect effects through higher human capital, lower inflation, lower political instability, and higher levels of economic freedom. Democracies may also be associated with larger governments and less free international trade. There also appear to be country- and region-specific democracy-growth effects. Overall, democracy's net effect on the economy does not seem to be detrimental. [ABSTRACT FROM AUTHOR]
- Published
- 2008
- Full Text
- View/download PDF
46. Frontiers of the New Economic Geography.
- Author
-
Fujita, Masahisa and Mori, Tomoya
- Subjects
- *
ECONOMIC geography , *AGGLOMERATION (Materials) , *INTERNATIONAL trade , *ECONOMIC development , *TRANSPORTATION rates - Abstract
This article presents an overview of the recent development in the new economic geography (NEG), and discusses possible directions of its future development. Since several surveys on this topic already exist, we focus on the selected features of NEG which are important yet have attracted insufficient attention, and also on the recent refinements and extensions of the framework. [ABSTRACT FROM AUTHOR]
- Published
- 2005
- Full Text
- View/download PDF
47. ON THE OUTPUT EFFECTS OF BARRIERS TO TRADE.
- Author
-
Ferreira, Pedro Cavalcanti and Trejos, Alberto
- Subjects
INTERNATIONAL trade ,COMMERCIAL policy ,NONTARIFF trade barriers ,ECONOMIC development ,MACROECONOMICS ,HECKSCHER-Ohlin principle ,ECONOMIC equilibrium ,BALANCE of payments ,INCOME accounting - Abstract
We study the macroeconomic effects of international trade policy by integrating a Hecksher–Ohlin trade model into an optimal-growth framework. The model predicts that a more open economy will have higher factor productivity. Furthermore, there is a “selective development trap” to which countries may or may not converge, depending on policy. Income at the development trap falls as trade barriers increase. Hence, cross-country differences in barriers to trade may help explain the dispersion of per capita income observed across countries. The effects are quantified, and we show that protectionism can explain a relevant fraction of TFP and long-run income differentials across countries. [ABSTRACT FROM AUTHOR]
- Published
- 2006
- Full Text
- View/download PDF
48. HAS THE INTERNET INCREASED TRADE? DEVELOPED AND DEVELOPING COUNTRY EVIDENCE.
- Author
-
Clarke, George R. G. and Wallsten, Scott J.
- Subjects
EXPORT marketing ,INTERNATIONAL business enterprises ,ECONOMIC development ,INTERNATIONAL trade ,INTERNET industry ,INTERNET marketing ,DUAL economy ,ECONOMIC systems ,DEVELOPING countries - Abstract
Developing countries export more to developed, but not other developing countries, when Internet penetration is higher. Although this could be because Internet penetration stimulates exports, it could also be because trade openness encourages Internet use. To test the direction of causation, we allow Internet use to be determined endogenously using countries' regulation of data services as an instrument. The results suggest that access to the Internet does improve export performance in developing countries, although not in developed countries. In other words, improving Internet access in a developing country will stimulate exports from that country to rich countries. [ABSTRACT FROM AUTHOR]
- Published
- 2006
- Full Text
- View/download PDF
49. ECONOMIC DEVELOPMENT UNDER ALTERNATIVE TRADE REGIMES.
- Author
-
Castro, Rui
- Subjects
ECONOMIC development ,ECONOMIC indicators ,ECONOMIC policy ,ECONOMIC equilibrium ,ECONOMIC stabilization ,TRADE regulation ,INVESTMENTS ,INTERNATIONAL trade ,INTERNATIONAL economic relations - Abstract
How does openness affect economic development? This question is answered in the context of a dynamic general equilibrium model of the world economy, where countries have technological differences that are both sector neutral and specific to the investment goods sector. Relative to a benchmark case of trade in credit markets only, consider (i) a complete restriction of trade and (ii) a full liberalization of trade. The first change decreases the cross-sectional dispersion of incomes only slightly, and produces a relatively small welfare loss. The second change, instead, decreases dispersion by a significant amount, and produces a very large welfare gain. [ABSTRACT FROM AUTHOR]
- Published
- 2006
- Full Text
- View/download PDF
50. Aid versus Trade: Some Considerations.
- Author
-
McCawley, Peter
- Subjects
NONTARIFF trade barriers ,INTERNATIONAL trade ,ECONOMIC development ,POVERTY ,ECONOMIC reform ,JOB creation ,ECONOMIC policy - Abstract
Trade is the engine of development. The biggest thing the developed world can do to alleviate poverty is remove trade barriers. The benefits of that are infinitely better than direct aid. It is trade, not aid, that holds the key to creating jobs and raising incomes. ...we are very clear that it is through trade, much more than through aid, that we can enable the poorest people in the poorest countries of our world to start that journey of modernization, of economic reform—a pathway out of poverty and into prosperity. [ABSTRACT FROM AUTHOR]
- Published
- 2006
- Full Text
- View/download PDF
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