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Free trade can help 500 million people escape poverty and inject.
The Role of Trade in Ending Poverty looks at the complex relationships between economic growth, poverty reduction and trade, and examines the challenges that poor people face in benefiting from trade opportunities. Written jointly by the World Bank Group and the WTO, the publication examines how trade could make a greater contribution to ending poverty by increasing efforts to lower trade costs, improve the enabling environment, implement trade policy in conjunction with other areas of policy, better manage risks faced by the poor, and improve data used for policy-making.
Over the past two decades, the percentage of the world’s population living on less than a dollar a day has been cut in half. How much of that improvement is because of—or in spite of—globalization? While anti-globalization activists mount loud critiques and the media report breathlessly on globalization’s perils and promises, economists have largely remained silent, in part because of an entrenched institutional divide between those who study poverty and those who study trade and finance. Globalization and Poverty bridges that gap, bringing together experts on both international trade and poverty to provide a detailed view of the effects of globalization on the poor in developing nations, answering such questions as: Do lower import tariffs improve the lives of the poor? Has increased financial integration led to more or less poverty? How have the poor fared during various currency crises? Does food aid hurt or help the poor? Poverty, the contributors show here, has been used as a popular and convenient catchphrase by parties on both sides of the globalization debate to further their respective arguments. Globalization and Poverty provides the more nuanced understanding necessary to move that debate beyond the slogans.
This new book provides a selection of writings that cover trade, equity and development in Asia. Clem Tisdell, T.N. Srinivasan, Gustav Ranis and others write on countries from Pakistan and India to Korea and Indonesia.
While Asia’s growth record in recent decades is remarkable, it has been marred by rising inequalities. This book looks at recent trends of income and non-income inequalities in developing Asian countries, discusses their underlying driving forces, and examines key policy issues that need to be addressed to ensure that the benefits of growth will be more equitably shared in Asia. The book also presents a set of country studies that provide rich information on growth, poverty and inequality dynamics and the policy challenges that arise in marching toward inclusive growth.
South Asia is in the midst of a demographic transition. For the next three decades, the growth of the region’s working age population will far outpace the growth of dependents. Close to one million individuals will enter the workforce every month. This large, economically active population can increase the region’s capacity to save and make crucial investments in physical capital, job training, and technological advancement. But for South Asia to realize these dividends, it must ensure that its working-age population is productively employed. As one of the most prominent labor-intensive industries in developing countries, apparel manufacturing is a prime contender. With around 4.7 million workers in the formal sector and another estimated 20.3 million informally employed (combined with textiles), apparel already constitutes close to 40 percent of manufacturing employment. And given that much of apparel production continues to be labor-intensive, the potential to create more and better jobs is immense. There is a huge window of opportunity now for South Asia, given that China, the dominant producer for the last ten years, has started to cede some ground due to higher wages. But the region faces strong competition from East Asia—with Cambodia, Indonesia, and Vietnam already pulling ahead. Plus the sector suffers from production inefficiencies and policy bottlenecks that have prevented it from achieving its potential. Against this backdrop, this report hopes to inform the debate by measuring the employment gains that the four most populous countries in South Asia—Bangladesh, India, Pakistan and Sri Lanka (hereafter `SAR countries’)—can expect in this new environment of increased competition and scrutiny. Its main message is that it is important for South Asian economies to remove existing impediments and facilitate growth in apparel to capture more production and create more employment as wages rise in China. The successful manufacturers will be those who can supply a wide range of quality products to buyers rapidly and reliably—not just offer low costs.
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.
Arguments for protection and against free trade have seen a revival in developed countries such as the United States and Great Britain as well as developing countries such as India. Given the clear benefits trade openness has brought everywhere, this is a surprising development. The benefits of free trade are especially great for emerging market economies. Free Trade and Prosperity offers the first full-scale defense of pro-free-trade policies with developing countries at its center. Arvind Panagariya, a professor at Columbia University and former top economic advisor to the government of India, supplies a historically informed analysis of many longstanding but flawed arguments for protection. He starts with an insightful overview of the positive case for free trade, and then closely examines the various contentions of protectionists. One protectionist argument is that "infant" industries need time to grow and become competitive, and thus should be sheltered. Other arguments are that emerging markets are especially prone to coordination failures, they are in need of diversification of their production structures, and they suffer from market imperfections. The panoply of protectionist arguments, including those for import substitution industrialization, fails when subject to close logical and empirical scrutiny. Free trade and outward-oriented policies are preconditions to both sustained rapid growth and poverty alleviation in developing countries. Panagariya provides compelling evidence demonstrating the failures of protectionism and the promise of free trade using detailed case studies of successful countries such as Singapore, Taiwan, South Korea, China and India. Low or declining barriers to free trade and high or rising shares of trade in total income have been key elements in the sustained rapid growth and poverty alleviation in these countries and many others. Free trade is like oxygen: the benefits are ubiquitous and not noticed until they are no longer there. This important book is an essential reminder of the costs of protectionism.
Globalization - the growing integration of economies and societies around the world, is a complex process. The focus of this research is the impact of economic integration on developing countries and especially the poor people living in these countries. Whether economic integration supports poverty reduction and how it can do so more effectively are key questions asked. The research yields 3 main findings with bearings on current policy debates about globalization. Firstly, poor countries with some 3 billion people have broken into the global market for manufactures and services, and this successful integration has generally supported poverty reduction. Secondly, inclusion both across countries and within them is important as a number of countries (pop. 2 billion) are failing as states, trading less and less, and becoming marginal to the world economy. Thirdly, standardization or homogenization is a concern - will economic integration lead to cultural or institutional homogenization?
This book provides practical policy recommendations that are useful for developing Asia and for accelerating poverty reduction plans in the rest of the world. Poverty reduction in all its forms remains one of the greatest challenges facing humanity. In developing Asia, rapid growth in countries and sub-regions such as China, India, and Southeast Asia has lifted millions out of poverty, but progress has been uneven. On the other hand, the current coronavirus (COVID-19) pandemic and the global economic recession that it has caused are pushing millions of people back into poverty. Poverty reduction, inclusive growth, and sustainable development are inseparable, and poverty reduction is the premise for sustainable development. The Sustainable Development Goals (SDGs) are a bold commitment to finish what we started and end poverty in all forms and dimensions by 2030. However, because of the current global recession, the world is not on track to end poverty by 2030. Given the aforementioned situation, if we plan to achieve the no-poverty target in line with the SDGs, governments need to reconsider their policies and economies need to allocate their resources for this aim. Owing to the importance of the topic, this book provides several thematic and empirical studies on the roles of small and medium-sized enterprises, local businesses and trusts, international remittances and microfinance, energy security and energy efficiency in poverty reduction, and inclusive growth.