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Books > Social sciences > Politics & government > Central government > Central government policies
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Free Trade and Prosperity - How Openness Helps the Developing Countries Grow Richer and Combat Poverty (Hardcover)
Loot Price: R1,315
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Free Trade and Prosperity - How Openness Helps the Developing Countries Grow Richer and Combat Poverty (Hardcover)
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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. FreeTrade and Prosperityoffers
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.
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