Looks at the roles of foreign trade and foreign aid in the post-colonial economic development of Korea. Includes numerous tables and figures. One of the studies on the economic and social modernization of Korea undertaken jointly by the Harvard Institute for International Development and the Korea Development Institute.
This book examines how Japan should cope with fiscal challenges, as demands on the budget from an ageing society have necessitated the reigning in of public debt and the revamp of the pension and healthcare systems. It combines insights from academic research with the views of policymakers to distil key issues that need to inform public debate.
As developing countries become increasingly important in the international economy, there is an urgent need to reassess U.S. policies. This book examines the various U.S. international economic policies that affect developing countries and shows that American policies regarding trade, aid, debt, and the multilateral institutions are undertaken largely without coordination and often conflict with each other. Tracing the evolution of foreign aid, Anna Krueger explains that just after World War II American economic policies toward developing countries consisted almost entirely of foreign aid. This approach was highly successful at first, but then the ability of USAID officials to carry out their mandate eroded over time because of political constraints and conflicting objectives of the aid program. She assesses the U.S. role toward the International Monetary Fund and the World Bank and argues that the United States could have been far more effective in these institutions. Krueger then addresses trade policy. Although U.S. leadership to obtain an open multilateral trading system was regarded as a policy oriented toward developed countries, the resulting growth of the world trading system permitted rapid growth of developing countries. As developing countries have adopted realistic economic policies that are conducive to economic efficiency and growth, they have become more important trading partners for the United States and other developed countries. Looking at the evolution of U.S. policy toward the heavy debt burdens of developing countries, Krueger explains that U.S. policy has generally been one step behind the realities of the era. Illustrating how trade, aid, and debt policies interact, Krueger examines two cases: The Caribbean Basin Initiative and Korea. She shows that in Korea, for example, highly successful aid policies of the 1950s helped lay the foundations for rapid economic growth, while the success of Korea's exports then led to acrimonious relations over its trade and exchange rate policies. Krueger concludes by calling for a firmer U.S. commitment to an open multilateral trading system, and points to the interdependence between foreign and trade policies.
The author considers the implications of deeper integration in the international economy for developing countries. She traces the reasons for the developing countries' reversals of earlier policies and demonstrates the importance of the open trading system for them. Anne O. Krueger is professor of economics at Stanford University
In this examination of the political economy of economic policy determination and evolution in developing countries, Anne Krueger provides concrete insights into the interaction of economic and political variables that determine the success or failure of such policies an understanding that is essential if economists are to provide realistic technical assistance in the formulation of economic policy reform programs. The debt crisis of the 1980s accompanied an era of slow economic growth. Developing countries had widely divergent experiences. Some, like the East Asian countries, weathered the recession to resume and even accelerate growth and to lower their debt-servicing ratios. Others, like those in Africa and Latin America, fell into slow or even negative growth, were unable to tighten their debt burden, and experienced declines in per capita income. Krueger analyzes the interaction of politics and economics in experience with slow growth and debt crisis in terms of three major themes. The first is that politically determined policies have economic consequences that can and do change the political equilibrium that generated those policies. Second, the analysis of the political economy of economic policy determination in developed countries can only be undertaken on the basis of assumptions about the nature of government. These two themes, which have been taken up in current economics and political science literature, imply yet a third and less frequently noted proposition that neither economic policies or governments can be looked at as enduring phenomena. Both the nature of the government and the economic policies can be changed according to the political and economic responses one sets off in the other, resulting in various types of "policy cycles" that need to be better understood.
Focuses on the successes of globalization, and some of the main economic policy challenges and solutions that arise to enhance the benefits and lower the costs. This book covers different aspects of globalization, sovereign debt restructuring, development of the financial sector and financial crises in Asia, Turkey, Brazil and more.
Developing countries typically have wage rates that are a small fraction of those in developed countries. Trade theories traditionally attributed this difference to two factors: the relative abundance of the labor supply in the two countries and the relative value of the goods produced. These factors, however, inadequately explain the full differential in almost every comparison of developed and developing countries since the second World War. Providing an important and original perspective for understanding both the development process and policies aimed at raising the standard of living in poorer nations, Perspectives on Trade and Development gathers sixteen of Anne O. Krueger's most important essays on international trade and development economics. Her essays discuss the relationships between trade strategies and development; the links between factor endowments, developing countries' policies, and trade strategies in terms of their growth; the role of economic policy in development; and the international economic environment in which development efforts are taking place. Her analyses are extended to trade and development policies generally, and account for a substantial part of the residue unexplained by past theories. This insightful contribution by an influential scholar will be essential reading for all scholars of trade and development.
The NBER project on alternative trade strategies and employment analyzed the extent to which employment and income distribution are affected by the choice of trade strategies and by the interaction of trade policies with domestic policies and market distortions. This book, the third and final volume to come from that project, brings together the theory underlying the trade strategies-employment relation and the empirical evidence emanating from the project.
In all countries, there are laws and regulations affecting private economic activity. They are necessary to enable private economic activity to thrive, as well as to provide for honesty in information), consumer protection, and much more. Laws and regulations, such as safety standards, quality grades, and health and food (phytosanitary) standards generally apply to much economic activity within a country. In very primitive societies when farming or hunting was almost all economic activity, such measures were much less necessary. But as exchanges and trading increased, the need to find ways to support transactions became essential in order to enable parties to agree on even such things as simple weights and measures. Until there was a commercial code (legal framework), most businesses were owned primarily by family members who could trust each other. The commercial codes covered such phenomena as penalties against breach of contract, standards and assurances as to the quality and ingredients of goods being contracted, and penalties for their infringement, and so on. Note that even a rudimentary contract would likely have needed an understanding as to weights and measures, definition of materials, and much more"--
This survey of the recent literature asks: how important is trade policy for poverty reduction? We consider the effects of openness on poverty in two components: the effect of openness on average income growth, and the effect on distribution for a given growth rate. Evidence from a variety of sources (cross-country and panel growth regressions, industry and firm-level research, and case studies) supports the view that trade openness contributes greatly to growth. Moreover, trade openness does not have systematic effects on the poor beyond its effect on overall growth. Trade policy is only one of many determinants of growth and poverty reduction. Trade openness has important positive spillovers on other aspects of reform, however, so that the correlation of trade with other pro-reform policies speaks to the advantages of making openness a primary part of the reform package.
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