Summary of Making Trade an Engine of Growth for All

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7

Qualities

  • Analytical
  • For Experts
  • Insider's Take

Recommendation

The rapid pace of globalization and free trade has come at a cost. Despite progress in technology and living standards in both developed and developing countries, certain communities and groups of workers have not shared in the greater prosperity. This relevant and well-researched joint study from the International Monetary Fund, the World Bank and the World Trade Organization reports on the problems globalization has raised as well as their possible solutions. getAbstract recommends this accessible work to trade and policy experts.

About the Authors

The IMF works to promote economic stability. The World Bank provides financial and technical assistance to developing countries. The World Trade Organization regulates global trade.

 

Summary

International flows of goods and services increased by an average of about 6% annually from 1960 to 2007, mostly due to reduced tariffs and technological advances. Lower trade costs, in turn, allowed global value chains to expand in the 1990s, integrating economies and raising productivity, exports and standards of living around the world.

But the global trade “engine of economic growth” generated uneven benefits, partly as a function of countries’ different economic infrastructures and levels of export specialization. For...


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