Title: Trade, Capital Flows, and Economic Growth in Developing Countries
Abstract: In recent years developing countries have striven hard, and often at considerable cost, to integrate more closely into the world economy. But, in the face of deep-seated imbalances in economic power and biases in the international trading and financial systems, their expectations of the gains from such integration in terms of faster growth, greater employment opportunities and reduced levels of poverty have been disappointed. A clear example is the extravagant predictions made regarding the gains they could reap from the Uruguay Round. By contrast, the downside risks have proved far greater than was generally expected, as recently demonstrated by the experience of East Asia and Latin America. The humbling of the Asian tigers since 1997 has revealed the vulnerability of even the strongest developing economies to the powerful forces unleashed by globalisation. There is now a growing sense of unease about the policy advice that was proffered in the past decade.
Publication Year: 2002
Publication Date: 2002-01-01
Language: en
Type: book-chapter
Indexed In: ['crossref']
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