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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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Biggest Third World Terms of Trade Boom Ever?

Biggest Third World Terms of Trade Boom Ever?

(p.25) 3 Biggest Third World Terms of Trade Boom Ever?
Trade and Poverty

Jeffrey G. Williamson

The MIT Press

This chapter discusses the trade experience for twenty-one countries located everywhere around the poor periphery except sub-Saharan Africa during the first global century. It shows that while trade made it possible for the periphery to share some of the fruits of the industrial revolution taking place in the core, an industrialization-driven great divergence still emerged. To add to the forces of divergence, globalization fostered de-industrialization (e.g., specialization) in the periphery so that growth rates in the periphery fell behind those in the core still further. In addition, globalization-induced specialization in primary products must have meant greater price volatility in the periphery, and thus even greater divergence in growth rates.

Keywords:   trade boom, world trade, poor periphery, economic growth rates, de-industrialization

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