Increased participation in world trade is conventionally seen as the key to economic growth and development. Yet, as this book shows through its detailed examination of world trade patterns over the last 20 years, while developing country exports have grown faster than the world average, the rich countries have meanwhile increased their share in world manufacturing valued added. This poses the vitally important policy challenge of what poor countries, confronted by the vigorous expansion of their foreign trade but no comparable rise in income, should do. Primary commodity prices have collapsed in value, and there is a real danger that the terms of trade for their exports of manufactured goods may do the same. The key challenge confronting poor countries today is not more trade liberalization on their part, but how to improve the terms of their participation in world trade and to increase the still limited and unstable benefits they derive from it.
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About the Author
Yilmaz Akyüz is Chief Economist at the South Centre and Former Director and Chief Economist of the United Nations Conference on Trade and Development. He is the editor of Developing Countries and World Trade (2003) and Reforming the Global Financial Architecture (2001).
Table of Contents
1. Export Dynamism and Industrialization in Developing Countries Introduction Dynamic Products in World Trade Factors Contributing to Trade Expansion in Different Products Export Dynamism and the Potential for Productivity Growth Variations among Developing Countries Exports, Industrialization and Growth Conclusions 2. Competition and the Fallacy of Composition The Issues at Stake The Terms of Trade of Developing Country Exports: A Review of the Evidence Competition in World Markets for Labour-intensive Manufactures Skill Profile of World Trade and Shifts in Competitiveness Tariff Barriers to Exports of Labour-intensive Manufactures Policy Responses 3. China's Accession to WTO: Managing Integration and Industrialization Introduction Accession: Changes in China's Import Regime Industrial Structure, Trade and Employment Trade Prospects Conclusions: Managing Integration