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General trade liberalization in most developing countries would expand South- South trade, and could as well increase the proportion of this trade in their total, particulary if the most heavily protected sectors were liberalized.
This book is a contribution to the international trade and economic development literature and is based on a decade of joint research and collaboration on South–South economic relations. Given the increasing focus on the economic power of some developing countries, for example the 2013 Human Development Report’s “Rise of the South”, it is particularly appropriate and timely. [NP] The book’s findings are based on rigorous empirical examination of South–South trade and finance and it provides an even-handed assessment from the perspective of long-term development goals rather than mainstream welfare approaches or ideological/theoretical worldview. [NP] This work directly engages with the ‘new developmentalism’ literature that has challenged the neoliberal orthodoxy and its policy approach, which focuses on liberalization, privatization, and deregulation. It also engages with literature by examining whether the increase in South–South trade facilitates or inhibits the possibilities for developmentalist economic policy in developing countries. The book shows concrete and positive results from South–South trade particularly related to industrial development and also documents how South–South trade is dominated by large developing countries and that South–South trade liberalization may be counterproductive.
Trade between developing countries, or South-South trade, has been growing rapidly in recent years following significant reductions in tariff barriers. However, significant barriers remain, and there is currently reluctance in many developing countries to undertake further reductions, with a preference instead for focusing on opening up access to developed country markets, or maintaining the status quo given that multilateral liberalization may result in the erosion of preferential access enjoyed by some developing countries.This emphasis on Northern markets represents a missed opportunity for developing countries. To assess this we compare the potential effects of the removal of barriers on South-South trade with the gains from developed country liberalization and from regional free trade areas within Africa, Asia and Latin America. A general equilibrium model, GTAP, containing information on preferential bilateral tariffs, is used to estimate the impacts. The results indicate that the opening up of Northern markets would provide annual welfare gains to developing countries of $22 billion. However, the removal of South-South barriers has the potential to generate gains 60 per cent larger. By contrast, the potential gains from further regional agreements on a continental basis are limited in Africa and Asia, although scope remains in Latin America. The results imply that giving greater emphasis to removing barriers between as well as within continents could prove a successful Southern survival strategy.
This is one of few books on the quantitative assessment of trade liberalisation and its impact on micro and macro economics structure in developing countries. Addressing the prospects of economic growth at a macro level, gives a thorough analysis of various issues such as profitability of enterprises after liberalisation, structural change, imports and exports by sectors and regions, and the trade balances of developing countries. The aspects of terms of trade and the trade balances in African, Latin American and Asian economies are studied using econometric techniques.
Reviews the historical evidence and presents the key economic arguments to sustain the cse against the now conventional wisdom regarding liberalization, growth and development policy and it sets out the main elements of a South platform and a rationale for a strengthened UNCTAD.
Policy-oriented study prepared for the Non-Aligned Movement (NAM) as a contribution to the Economic Agenda for Priority Action 1992-1995, and made available for the Eleventh NAM summit, Cartagena, Colombia, 18-20 Oct 1995.
This study undertakes a comprehensive evaluation of the major issues involved in a strategy of South-South trade, and demonstrates the actual potential and problems of such trade through a case study of Brazil-Trinidad and Tobago trade in the petrochemicals sector. It argues that in general that there is great potential for South-South trade in both goods and services, but its realization will require the implementation of certain policy measures such as the removal of trade policy barriers and financial constraints. Likely future declines in traditional trading opportunities with the North plus the special developmental gains to be derived from South-South trade should provide incentives for such policy changes. However, the relative importance which a country may attach to a South-South trade strategy will depend upon its specific conditions and features. In view of the growing interdependence of the world economy, an appropriate mix of policies which includes both South-South and South-North trade is crucially important for the future development of the South.
This compelling two-volume collection presents the major literary contributions to the economic analysis of the consequences of trade liberalization on growth, productivity, labor market outcomes and economic inequality. Examining the classical theories that stress gains from trade stemming from comparative advantage, the selection also comprises more recent theories of imperfect competition, where any potential gains from trade can stem from competitive effects or the international transmission of knowledge. Empirical contributions provide evidence regarding the explanatory power of these various theories, including work on the effects of trade openness on economic growth, wages, and income inequality, as well as evidence on the effects of trade on firm productivity, entry and exit. Prefaced by an original introduction from the editor, the collection will to be an invaluable research resource for academics, practitioners and those drawn to this fascinating topic.
Global value chains (GVCs) powered the surge of international trade after 1990 and now account for almost half of all trade. This shift enabled an unprecedented economic convergence: poor countries grew rapidly and began to catch up with richer countries. Since the 2008 global financial crisis, however, the growth of trade has been sluggish and the expansion of GVCs has stalled. Meanwhile, serious threats have emerged to the model of trade-led growth. New technologies could draw production closer to the consumer and reduce the demand for labor. And trade conflicts among large countries could lead to a retrenchment or a segmentation of GVCs. World Development Report 2020: Trading for Development in the Age of Global Value Chains examines whether there is still a path to development through GVCs and trade. It concludes that technological change is, at this stage, more a boon than a curse. GVCs can continue to boost growth, create better jobs, and reduce poverty provided that developing countries implement deeper reforms to promote GVC participation; industrial countries pursue open, predictable policies; and all countries revive multilateral cooperation.