Books (19)

The Miracles of Globalization: Review of Why Globalization works by Martin Wolf

Read more By he early 1980s, a number of distinguished economists had amassed compelling evidence that outward-oriented trade policies were far more likely than protectionism to lead to economic growth. The evidence was contained in two multi-country research projects-one at the Organization for Economic Cooperation and Development (OECD), led by Ian Little and others, and the other at the National Bureau of Economic Research, directed by Jagdish Bhagwati and Anne Krueger-and in a series of studies at the World Bank.

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

Read more (Oxford University Press) Arguments for protection and against free trade have seen a revival in developed countries such as the United States and Great Britain as well as developing countries such as India. Given the clear benefits trade openness has brought everywhere, this is a surprising development. The benefits of free trade are especially great for emerging market economies. 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 protectionist argument is that "infant" industries need time to grow and become competitive, and thus should be sheltered. Other arguments are that emerging markets are especially prone to coordination failures, they are in need of diversification of their production structures, and they suffer from market imperfections. The panoply of…

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The World Trade System: Trends and Challenges

Read more (2016, MIT Press) (Edited with Jagdish Bhagwati and Pravin Krishna) Leading trade experts examine the world trading system today, from the multilateralism of the WTO to explosive bilateralism and the mega-regionals TPP and TTIP. When the General Agreement on Tariffs and Trade (GATT) metamorphosed into the World Trade Organization (WTO) in 1994, it seemed that the third pillar of the international economic superstructure was finally in place. And yet with the failure of member countries to close the Doha Round of trade negotiations and the emergence of bilateral and plurilateral preferential trade arrangements (PTAs) such as the Trans-Pacific Partnership (TPP), the future of the multilateral WTO seems uncertain. In this volume, leading economists examine issues in trade policy that have arisen during this shift. The contributors discuss such topics as the effect of trade on poverty and inequality, PTAs and litigation between trading partners, the WTO Trade Facilitation Agreement, and the relationship of food security and trade liberalization. They also offer regional perspectives on the TPP and trans-Atlantic free trade. Contributors¬†Rahel Aichele, Jagdish Bhagwati, Steve Charnovitz, Gabriel Felbermayr…

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The Making of Miracles in Indian States: Andhra Pradesh, Bihar and Gujarat

Read more (co-edited with Govinda Rao) (May 2015, Oxford University Press, USA)Studies three Indian states at very different levels of development that have all shown miracle levels of growth in the 21st century.Shows that good economics is also good politics: good economic performance leads to electoral victoriesConfirms the importance of effective leadership in determining growth outcomesDemonstrates that history matters when it comes to the choice of economic policies

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