Perspectives on Trade and Development
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.
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Comparative Advantage and Development Policy
Differences among Countries
The Political Economy of the RentSeeking
Objectives in Stabilization Programs
Problems of Liberalization
adjustment agricultural altered analysis Bhagwati bias billion borrowing capita income capital accumulation capital flows capital-intensive cent commodities comparative advantage competitive contrast controls costs debt deficit developing countries distortions domestic market domestic price Economic Development economic growth economic policies effects efficient employment estimated exchange rate export export-oriented factor endowments factor intensity factors of production finance firms fixed exchange rate foreign exchange free trade growth rates higher human capital import licenses import substitution import-competing incentives increase industries infant-industry international economy international prices intervention investment Korea Krueger labor markets labor-intensive lending less liberalization loans macroeconomic manufacturing marginal product ment optimal outer-oriented payments political protection quantitative restrictions question rate of growth rate of inflation rates of return real interest rate real wage relative price rent-seeking result Section sector shift stabilization program structure tariff tion trade policy trade strategies Turkey Turkish urban wage-rental ratio World Bank