Free Trade and Prosperity: How Openness Helps the Developing Countries Grow Richer and Combat Poverty by Arvind PanagariyaFree Trade and Prosperity: How Openness Helps the Developing Countries Grow Richer and Combat Poverty by Arvind Panagariya

Free Trade and Prosperity: How Openness Helps the Developing Countries Grow Richer and Combat Poverty

byArvind Panagariya

Hardcover | April 12, 2019

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Arguments against free trade and in favor of protection have a long history when it comes to developing countries, and it is rather surprising that similar assertions have gained increasing appeal in developed countries, including the United States and Great Britain, given the clear benefits openness brings. The benefits are especially great for emerging markets. Free Trade and Prosperity offers 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 is that "infant" industries need time to grow and become competitive, and thus should be sheltered. Others are that emerging markets are especially prone to coordination failures, beset by specialization and in need of diversification, and they suffer from capital-market imperfections. The panoply of protectionist arguments, including those for import substitution industrialization, fails when subject to close logical and empirical scrutiny. They do so because the costs far outweigh the benefits. 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, including through 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 share of trade in the 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.
Arvind Panagariya is Professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University. From January 2015 to August 2017, he served as the first Vice Chairman of the NITI Aayog, Government of India in the rank of a Cabinet Minister. Previously he was Chief Economist of the Asian Development Ba...
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Title:Free Trade and Prosperity: How Openness Helps the Developing Countries Grow Richer and Combat Pover...Format:HardcoverProduct dimensions:384 pages, 9.25 X 6.12 X 0.98 inShipping dimensions:384 pages, 9.25 X 6.12 X 0.98 inPublished:April 12, 2019Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0190914491

ISBN - 13:9780190914493

Appropriate for ages: All ages

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Editorial Reviews

"Professor Panagariya has produced an extremely thorough and comprehensive treatment of the role of trade in developing countries. In addition to showing that low and declining protection is conducive to growth and poverty reduction, he also addresses critics of this conclusion and counters their arguments. I expect he will convince many people with this eminently readable book." --Alan Deardorff, University of Michigan