Edited by Mona Haddad, Ben Shepherd
The global financial crisis triggered a broad reassessment of
economic integration policies in developed and developing countries
worldwide. The crisis-induced collapse in trade was the sharpest ever
since World War II, affecting all countries and all product categories.
A huge shock to the trading system, combined with severe macroeconomic
instability, makes it natural for policymakers to call into question
the basic underlying assumptions of trade liberalization and openness.
In particular, outward-oriented or export-led growth strategies are
being reassessed as openness is increasingly associated with greater
volatility. However, it is crucial not to lose sight of the dynamic
benefits that openness can offer. Examples include technology transfer,
increased competitive pressure that reduces markups and improves
efficiency, and economies of scale. The real question is how to manage
outward-oriented strategies so as to maximize the benefits of openness
while minimizing risks.
This book aims to contribute to this important and ongoing policy
debate, bringing together recent empirical work on the trade collapse,
its causes and consequences, and the broader trade policy agenda in the
post-crisis environment. It addresses critical policy issues revolving
around the topic of outward-oriented growth strategy, including policy
instruments that help manage risks associated with outward-orientation,
lessons learned from the crisis for particular countries and regions,
and how emerging trade policy issues such as climate change,
commodities, global production networking, and migration affect the
prospects for recovery and outward-oriented growth.
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