Summary of The Rise of China and India

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Not everyone believes that trade with emerging countries like China and India has been a good thing. Be it manufacturing auto parts, reading radiology scans or butchering chickens, no job seems immune to offshoring. Are advanced economies really better off trading with low-wage developing countries? Economist Livio Stracca crunches the numbers and offers some intriguing conclusions. While this statistically dense paper would have benefited from some editorial attention, getAbstract recommends it as a significant aid in understanding how trade between developed and developing economies affects employment and incomes in the rich world.

In this summary, you will learn

  • How the rising “North-South trade” affects employment and income growth in developed economies,
  • Why “Chindia” trade hurts manufacturing jobs within advanced nations but not overall employment, and
  • Why “employment protection legislation” and a reliance on manufacturing lessen the benefits of trade for some advanced economies.
 

About the Author

Livio Stracca is an economist and senior adviser at the European Central Bank.

 

Summary

Emerging countries have reshaped global trade flows to such an extent that, beginning in 2010, trade between advanced and emerging economies (“North-South trade”) has outpaced trade among the advanced economies themselves (“North-North trade”). While the impact of these changes on advanced economies...

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