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Trade, Globalization and Poverty (Routledge Studies in by Arvind Panagariya, Elias Dinopoulos, Pravin Krishna, Kar-yiu

By Arvind Panagariya, Elias Dinopoulos, Pravin Krishna, Kar-yiu Wong

An extraordinary paintings, written to have fun the 70th birthday of Jagdish Bhagwati; the most important defender of unfastened alternate and its function in constructing economies on the planet this present day, this carefully educational and demanding quantity represents an enormous contribution to the knowledge of many facets of globalization. The editors, affiliated with 4 of the major economics departments within the united states assemble a stellar line of individuals from the world over to debate the subjects and arguments raised through Bhagwati’s most up-to-date work.

A well known professor of economics and considered as one of many optimal foreign alternate economist of recent occasions, Jagdish Bhagwati has written or edited over 40 books together with In Defence of Globalization and Free exchange this present day as good as being the founding editor of Economics and Politics and The magazine of foreign Economics.

A tribute to the nice highbrow accomplishments and the foundation that Jagdish Bhagwati supplied to the sector in the course of his prolific and influential occupation, this ebook is a needs to learn for all scholars and lecturers learning or working in foreign exchange and improvement economics.

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Sample text

The effect is not entirely attributable to “globalization,” as both countries also engaged in domestic economic reforms allowing a greater role for markets and the private sector in the economy, but integration no doubt played a large role. Growth and poverty reduction Aggregate growth is undoubtedly an instrument for poverty reduction, and it is associated with improvements in the minimum standard of living over some time horizon. Besley and Burgess’s (2003) estimates for the elasticity of poverty with respect to income per capita vary widely across country samples, but all are negative, implying that growth reduces poverty.

19 There are, empirically, important exceptions to this general theoretical expectation: Harrison and Hanson (1999) present evidence that trade openness in several Latin American and Asian countries has been associated with an increased return to skilled labor relative to unskilled labor. 20 Wage labor market policies are obviously not a solution for all of poverty. Only a small part of the labor force in many developing countries (less than 20% in India and South Asia, for example) is in formal wage and salary employment.

Brandolini (1999) Promise and Pitfalls in the Use of “Secondary” Data Sets: Income Inequality in OECD Countries, Oxford: Nuffield College, mimeo. Bénabou, Roland (1996) “Inequality and Growth,” NBER Macroeconomics Annual, 11, MIT Press: 11–74. Besley, Timothy, and Robin Burgess (2003) “Halving Global Poverty,” Journal of Economic Perspectives, 17(3): 3–22. Bhagwati, Jagdish (1966) The Economics of Underdeveloped Countries, New York: McGraw-Hill. —— (1968) “The Theory and Practice of Commercial Policy,” Frank Graham Memorial Lecture, Princeton University, 1967, International Finance Section, Princeton.

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