Name: Free Trade and Prosperity: How Openness Helps Developing Countries Grow Richer and Combat Poverty
Brand: Oxford UP
SKU: 9780190050665
Price: 487.0 INR
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Free Trade and Prosperity: How Openness Helps Developing Countries Grow Richer and Combat Poverty

by Arvind Panagariya

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ISBN13: 9780190050665
Binding: Hardcover
Subject: Economics
Publisher: Oxford UP
Publisher Imprint: Oxford UP
Publication Date: September 16, 2018
Pages: 392
Original Price: INR 695.0
Language: English
Edition: N/A
Item Weight: 450 grams
BISAC Subject(s): Development / Economic Development

About The Book

About the Book Arguments against free trade and in favour 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 defence of pro free trade policies with developing countries at its centre. 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 â€œinfantâ€ industries need time to grow and become competitive and thus should be sheltered. Others are that emerging markets are especially prone to coordination failures, they are in need of diversification of production structure and that 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. It does so because the costs of protection 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 trade and high or rising shares of trade in total income have been key elements in 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. About the Author Arvind Panagariya is Professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University, USA. 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 Bank. He is the author of India: The Emerging Giant (OUP 2008) and his columns have appeared in the Financial Times, Wall Street Journal and India Today.

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