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Developing countries typically have wage rates that are a small fraction of those in developed countries. Trade theories traditionally attributed this difference to two factors: the relative abundance of the labor supply in the two countries and the relative value of the goods produced. These factors, however, inadequately explain the full differential in almost every comparison of developed and developing countries since the second World War. Providing an important and original perspective for understanding both the development process and policies aimed at raising the standard of living in poorer nations, Perspectives on Trade and Development gathers sixteen of Anne O. Krueger's most important essays on international trade and development economics. Her essays discuss the relationships between trade strategies and development; the links between factor endowments, developing countries' policies, and trade strategies in terms of their growth; the role of economic policy in development; and the international economic environment in which development efforts are taking place. Her analyses are extended to trade and development policies generally, and account for a substantial part of the residue unexplained by past theories. This insightful contribution by an influential scholar will be essential reading for all scholars of trade and development.
Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence of global supply chains and their increasing role in trade patterns allowed emerging market economies to boost their inputs in high-technology exports and is associated with increased trade interconnectedness.The analysis points to one important trend taking place over the last decade: the emergence of China as a major systemically important trading hub, reflecting not only the size of trade but also the increase in number of its significant trading partners.
Available research suggests that less developed countries have significant competitive advantage over developed countries in three major areas of international trade: agriculture, textiles and clothing (T&C), and cross-border labor mobility. Incidentally, these are also the trade sectors which experienced widespread protectionist measures, especially in developed world, for decade after decade. Under the World Trade Organization (WTO), which replaced the General Agreement on Tariff and Trade (GATT) in 1995, much of the restrictions in T&C trade has been phased out, but still this sector faces much higher tariff and non-tariff barriers than any other manufacturing sector in world economy. The agricultural sector also experienced significant dismantling of deeply entrenched trade barriers under the WTO over the course of last two decades, but the sector still remains plagued with quite extensive domestic supports, export subsidies, and tariff barriers. At the same time, despite both theoretical expositions and empirical trends point to significant potential gains from cross-border labor mobility, the sector remains mired in a complex quagmire of economic and political restrictions around the world. Thus, all three sectors in which less developed countries have exports interests still remain less liberalized than the sectors in which developed countries have exports interests. This book provides an in-depth and up-to-date scholarly analysis of all three trade sectors—agriculture, T&C and cross-border labor mobility—with a penetrating scrutiny of historical backgrounds and developments, crosscurrents of interests and perspectives of both developed and developing countries, and evolving trade patterns and potentials in a more liberalized and globalized world economy. The book also identifies critical economic issues and options for less developed countries in the WTO negotiations for further liberalization of agriculture, T&C, and cross-border labor mobility. This volume will be an important point of reference for students, scholars, and practitioners of international trade, economic development, development economics, and WTO-related issues.
First Published in 1967. Routledge is an imprint of Taylor & Francis, an informa company.
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.
In this collection of 17 articles, top scholars synthesize and analyze scholarship on this widely used tool of policy analysis, setting forth its accomplishments, difficulties, and means of implementation. Though CGE modeling does not play a prominent role in top US graduate schools, it is employed universally in the development of economic policy. This collection is particularly important because it presents a history of modeling applications and examines competing points of view. - Presents coherent summaries of CGE theories that inform major model types - Covers the construction of CGE databases, model solving, and computer-assisted interpretation of results - Shows how CGE modeling has made a contribution to economic policy
'Ragnar Nurkse, Trade and Development' is a timely reprint of Nurkse's most important works, given the renewed interest in his writings amongst development economists, who are turning to this pioneering thinker in search for new inspiration. This volume aims to make his rarely published works available for an audience of economists, policy makers, researchers and students.
As today’s world develops and evolves, so does its economics. New economic approaches have begun to emerge, but traditional methods are still being implemented. As both systems provide different solutions to society’s economic issues, thoughtful research and analysis is required regarding the tactics and strategies that both theories utilize. Comparative Approaches to Old and New Institutional Economics is an essential reference source that discusses the sequential history of these two economic theories as well as their application to global fiscal disputes. Featuring research on topics such as international relations, business management, and institutionalism, this book is ideally designed for economists, analysts, managers, researchers, practitioners, academicians, and students seeking coverage on the parallel methods of these economic philosophies.
Part of the Handbook of the Philosophy of Science Series edited by: Dov M. Gabbay King's College, London, UK; Paul Thagard University of Waterloo, Canada; and John Woods University of British Columbia, Canada. Philosophy of Economics investigates the foundational concepts and methods of economics, the social science that analyzes the production, distribution and consumption of goods and services. This groundbreaking collection, the most thorough treatment of the philosophy of economics ever published, brings together philosophers, scientists and historians to map out the central topics in the field. The articles are divided into two groups. Chapters in the first group deal with various philosophical issues characteristic of economics in general, including realism and Lakatos, explanation and testing, modeling and mathematics, political ideology and feminist epistemology. Chapters in the second group discuss particular methods, theories and branches of economics, including forecasting and measurement, econometrics and experimentation, rational choice and agency issues, game theory and social choice, behavioral economics and public choice, geographical economics and evolutionary economics, and finally the economics of scientific knowledge. This volume serves as a detailed introduction for those new to the field as well as a rich source of new insights and potential research agendas for those already engaged with the philosophy of economics. Provides a bridge between philosophy and current scientific findings Encourages multi-disciplinary dialogue Covers theory and applications