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International Trade and Economic Development$
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Rajat Acharyya and Saibal Kar

Print publication date: 2014

Print ISBN-13: 9780199672851

Published to Oxford Scholarship Online: September 2014

DOI: 10.1093/acprof:oso/9780199672851.001.0001

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Terms of Trade and Growth

Terms of Trade and Growth

(p.38) 3 Terms of Trade and Growth
International Trade and Economic Development

Rajat Acharyya

Saibal Kar

Oxford University Press

The post-World War II development in the trade-growth relationship focused on the terms of trade issue and consequent welfare implications of trade-induced growth. The relationship between income inequality and growth and on product innovation and endogenous growth also derived from these adjustments became duly important as prime topics of research in the following decades. This chapter offers a synthesis of the most influential results on trade-induced growth, on terms of trade and national welfare, and of the export-led growth that may also be immiserizing for a large country through its effects on the terms of trade. The chapter also discusses the new growth theories, the tensions that develop with innovations and imitations and finally, provides country-level experiences with trade and growth to establish the much sought after connection between theory and empirical results in this matter.

Keywords:   savings, immiserizing growth, long-run, terms of trade, country experiences

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