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Trade and PovertyWhen the Third World Fell Behind$
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Jeffrey G. Williamson

Print publication date: 2011

Print ISBN-13: 9780262015158

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262015158.001.0001

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Morals of the Story

Morals of the Story

(p.231) 14 Morals of the Story
Trade and Poverty

Jeffrey G. Williamson

The MIT Press

This chapter summarizes the main themes covered in the preceding discussions and the lessons learned. It establishes the positive correlation between globalization and the sharply rising economic gap between poor and rich countries and that the former contributed to the latter. It argues that while terms of trade booms in the poor periphery can still undermine growth for countries looking to develop, the countries that have the power and the political will to do so can and have significantly weakened, or even eliminated, that correlation. By adopting pro-growth policies, most of the third world has shifted from specializing in primary-product exports to labor-intensive exports, thus breaking the power of primary-product prices over their economies.

Keywords:   globalization, industrialization, economic gap, poor countries, poor periphery, economic policy, third world

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