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"Grilli, Enzo R"
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Sustaining export-oriented development : ideas from East Asia
Sustaining Export-Oriented Development looks at the East Asian economies' postwar development and assesses the prospects and constraints to continuing at its current pace. The possibilities of transferring East Asian development elsewhere are also considered. While there is no single East Asian model, common elements are identified: an abundance of low-wage labour and free labour markets, an emphasis on health and education, trade liberalisation and export-oriented policies, financial market liberalisation (providing an environment conducive to private saving and investment), efficient capital utilisation and a focus on sound infrastructure. Written by leading economists, the book traces the changes in the thinking of policymakers and advisers about the policies required for economic development. In particular, it examines the shift in emphasis from import-substitution to outward orientation that has coincided with the East Asian economies' success.
Book
Primary Commodity Prices, Manufactured Goods Prices, and the Terms of Trade of Developing Countries: What the Long Run Shows
The authors revisit in this article the empirical foundation of the alleged secular decline in the prices of primary commodities relative to those of manufactures. They use a newly constructed index of commodity prices and two modified indexes of manufactured good prices, and find that from 1900 to 1986 the relative prices of all primary commodities fell on trend by 0.5 percent a year and those of nonfuel primary commodities by 0.6 percent a year. They thus confirm the sign, but not the magnitude, of the trend implicit in the work of Prebisch. But even the more limited secular decline shown by their relative price indexes may be magnified by an incomplete account of quality improvements in manufactures. They then show that the evolution of the terms of trade of nonfuel primary commodities is not the same as that of the net barter terms of trade of non-oil-exporting developing countries. Finally, they find that despite the decline that has probably occurred during the current century in the terms of trade of nonfuel primary commodities, the purchasing power of total exports of these products has increased considerably. Similarly, the fall that may have occurred after World War II in the net barter terms of trade of developing countries seems to have been more than compensated for by the steady improvement in their income terms of trade.
Journal Article
Labour Market Reform in China
This book was first published in 2005. Labour Market Reform in China documents and analyses institutional changes in the Chinese labour market over the last twenty-five years, and argues that further reform is necessary if China is to sustain its high growth rates. The book first assesses the problems associated with the pre-reform labour arrangements. It offers an in-depth analysis of the urban labour market and its impact on individual wage determination, ownership structure, labour compensation and labour demand and of social security reform. In its main chapters, the book investigates the impact of rural economic reform on rural labour market. Detailed consideration is given to the rural agricultural labour market, labour arrangement in the rural non-agricultural sector, and the wage gap between the rural agricultural and non-agricultural sectors. Finally, the book examines the phenomenon of rural-urban migration, its impact on rural and urban economic growth, and models its effect on urban employment, unemployment and earnings.
eBook
Natural rubber: a better future?
By the early 1970s, natural rubber had lost most of its market to synthetics, but indications are that natural rubber is making a strong comeback. There are several reasons for this resurgence: 1. increase in oil prices, as synthetics are heavily dependent on petroleum-based components, and 2. industry development of a strong base for potential growth. The main reason for the rapid growth of the synthetic industry was inability of natural rubber production to keep pace with world demand. The natural rubber industry reacted positively to the challenge, however, and invested in long-term research designed to modernize the industry and to make it competitive. As cultivation practices have been refined, the possibility of expanding natural rubber production offers unique opportunities in agriculture to countries having a large, underemployed labor force. The rubber producing countries entered into an agreement in 1979 which should help stabilize the supply and reduce price volatility.
Magazine Article
