International trade and economic development

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1 30 2 Internationa trade and economic deveopment By the end of this chapter, you shoud be abe to: expain, and give exampes of, internationa barriers to economic deveopment HL expain how ong term changes in the terms of trade are a barrier to deveopment evauate and give exampes of strategies for achieving economic growth and economic deveopment. Internationa barriers to deveopment There are a number of internationa factors that act as a barrier to both economic growth and economic deveopment: 1 Over-speciaization on a narrow range of products Whie the share of manufactured goods produced by deveoping countries as a percentage of tota word trade is growing, a number of deveoping countries are dependent on primary commodities for a significant share of their export revenues, as expained in Chapter 26. Rising commodity prices may, therefore, be beneficia to those countries. It wi increase their rate of economic growth and if the revenues are used to finance education, heath, and infrastructure, then this can set off a positive cyce in terms of deveopment and future growth. However, if the prices fa then the economies experience deteriorating terms of trade. Current account deficits are ikey to increase and it wi be very difficut for countries to finance current expenditure and necessary imports. Uness they can change the pattern of their export trade, those countries that are dependent on a narrow range of primary exports wi find it difficut to gain much growth through internationa trade. 4 Deveopment Economics Regardess of the types of goods exported, be they commodities, manufactured goods or even services ike tourism, if a country is dependent on a narrow range of exports, then they face great vunerabiity and uncertainty. For exampe, economic growth in a tropica country that is reiant on tourism revenues wi be imited if the goba tourist trade is damaged as a resut of terrorism or as a resut of a goba sowdown in economic growth. It is aso vunerabe to other forces outside of its contro such as tsunamis. Countries that were dependent on the export of a sma range of ow-ski manufactured goods such as texties were damaged when China joined the WTO and sharpy increased the suppy of texties on word markets, driving down their prices. 367

2 30 Internationa trade and economic deveopment 30 Internationa trade and economic deveopment 4 Deveopment Economics Price voatiity of primary products The price easticity of demand for commodities and the price easticity of suppy for commodities, on the word market, tend to be reativey ineastic. This is shown for the word cotton market in Figure With such ineastic demand and suppy, any change in the demand or suppy conditions for resources, in this case cotton, wi ead to arge price fuctuations. In Figure 30.1, a fa or increase in suppy, possiby caused by either bad or good weather conditions, woud have noticeabe increases or decreases in price, from P 1 to P 3, when suppy fas, and from P 1 to P 2 when suppy increases. This wi have a marked impact on the export revenue of the countries that are seing the commodities. This price voatiity, and subsequent export revenue voatiity, makes it very difficut for producers and governments in deveoping countries to pan ahead. This in turn has an impact on investment in companies, and thus growth, and on government panning for education, heath care and infrastructure, and thus deveopment. 3 Inabiity to access internationa markets Protectionism is any economic poicy that is aimed at supporting domestic producers at the expense of foreign producers. We have aready come across forms of protectionism, such as tariffs, subsidies, quotas, and non-tariff barriers, in Chapter 22. Protectionist measures by deveoped countries against the exports of deveoping countries may be very harmfu. If the measures prevent deveoping countries from utiizing their comparative advantages and exporting to deveoped countries, then deveoping countries wi be imited in their abiity to earn foreign exchange. Protectionism in any market is damaging for deveoping countries, but it is especiay the case in primary product markets. If we take the exampe of cotton; America s cotton farmers share over $3 biion in government subsidies each year. This encourages farmers to produce more, forcing down the word price, and export their surpus to deveoping countries that do not have the benefits of subsidies. This is then immensey damaging for the deveoping country producers. The US does the same with maize, rice, and dairy products. Meanwhie, protected EU farmers overproduce and export sugar, cereas, and dairy produce, owering word prices and severey damaging markets and oca suppiers in deveoping countries. As these products are sod at ower prices than woud be the case without subsidies, it is argued that they are dumped in foreign markets. Sma scae farmers in deveoping countries are effectivey deprived of the abiity to earn a iving, provide for their famiies, and afford schooing for their chidren, which is ceary a significant barrier to deveopment. Price of cotton ($) P3 P1 P2 Q 3 Q 1 Q 2 S3 S1 S2 D Quantity of cotton (tonnes miion) Figure 30.1 The word market for cotton Did you know? According to Oxfam, the rich word spends $1 biion a day subsidizing its agricutura industries Visit for exceent resources on this important topic. Student workpoint 30.1 Consider the foowing artice and graph from The Economist and answer the questions that foow: The rich word s farmers are sti reaping handsome subsidies FARMERS are getting by with fewer subsidies in many countries around the word compared with 20 years ago. Yet subsidies sti accounted for more than threequarters of farmers incomes (gross farm receipts) in Norway, Switzerand, and Iceand between 2007 and And farm subsidies in the EU made up a sighty greater proportion of farmers incomes in than two decades beforehand. OECD countries spent $253 biion on farm subsidies in % of gross farm receipts, the first increase since Source: The Economist onine, 01 Juy Using the information in the bar chart, expain how farm subsidies have changed in South Korea over the period shown. 2 Contrast this with farm subsidies in the EU. Norway Switzerand Iceand South Korea Japan Turkey Agricutura subsidies Producer support, % of gross farm receipts 3 Write a statement using both the bar chart and the figure on the right to expain the roe of farm subsidies in the US. 4 Review draw a diagram to show the effect of a subsidy. Identify the area which shows the payment by the government. EU OECD average Canada Mexico United States Austraia New Zeaand An important reated issue is tariff escaation, whereby the rate of tariffs on goods rises the more the goods are processed. By doing this, an importing country protects its processing and manufacturing industries by putting ower tariffs on imports of raw materias and components and higher tariffs on processed and finished products. In the most extreme cases the deveoped countries import raw materias that have ow tariffs on them, process the raw materias, adding vaue to the goods, and then export the finished goods. Tariff escaation creates a significant probem for deveoping countries in terms of their access to markets. There is itte incentive to diversify away from producing raw materias to processing them as the higher prices due to tariffs wi make their processed goods uncompetitive. Effectivey, it can trap them as suppiers of raw materias. An exampe of tariff escaation on certain agricutura products in the EU, USA, and Japan is shown in Tabe *Provisiona estimates * $bn, 2009* Deveopment Economics

3 30 Internationa trade and economic deveopment 30 Internationa trade and economic deveopment Product European Union (%) United States (%) Japan (%) Traditiona tropica products Coffee Raw Coffee Fina Cocoa Raw Cocoa Intermediate Cocoa Fina New expanding products Fruits Raw Fruits Intermediate Fruits Fina Non-convertibe currencies are often over-vaued at their officia, pegged, exchange rate. This wi usuay mean that a back market for the convertibe currency wi arise and this may be very damaging for the economy. In some cases, the domestic currency wi become amost unacceptabe within the country and this damages oca trade as we as internationa trade. 4 Long term changes in the terms of trade Long term changes in the terms of trade, i.e. changes in the reative prices of exports and imports, can have a marked effect upon the abiity of deveoping countries to trade internationay. If commodity prices are faing over time, and many deveoping countries are primariy exporters of commodities, then their export revenues, and so their abiity to buy imports, wi be decreasing. (More information on this topic can be found in Chapter 26.) Student workpoint 30.2 Be an inquirer Continue your investigation into your chosen deveoping country by researching possibe internationa trade barriers that may be hindering its growth and deveopment. 4 Deveopment Economics Vegetabes Raw Vegetabes Intermediate Vegetabes - Fina Source: Word Trade Organisation integrated database Tabe 30.1 Tariff escaation in seected agricutura product groups (%) We use cocoa as our exampe. As we can see in Tabe 30.1, the tariff for cocoa, if it is raw and therefore unprocessed, is minima or nothing in the three countries. However, if the cocoa is partiay processed before exporting the tariff in the EU rises to 9.7% and in Japan becomes 7.0%. Fuy processed cocoa, when exported, has tariffs of 30.6% in the EU, 15.3% in the USA, and 21.7% in Japan. If tariff escaation is successfu in reducing the imports of the more processed goods, then the fina processing, aong with the packaging and marketing, are done in the deveoped countries. Since these add the highest vaue to the product in terms of the price at which it is sod, this is where the argest gains are to be made. Ideay, the deveoping country producers woud ike to diversify by investing in the processing stages, but the tariff escaation takes away the potentia benefits. Tariff escaation is widey observed in the agricutura markets of meat, sugar, fruit, coffee, cocoa, and tobacco. A fina factor that prevents deveoping countries from gaining access to internationa markets is that many of them have non-convertibe currencies. These are currencies that can ony be used domesticay and that are not accepted for exchange on the foreign exchange markets. Most deveoping countries operate a fixed exchange rate system, where the domestic currency is pegged to a more acceptabe currency, often the US doar, at a certain rate. Trade strategies for economic growth and economic deveopment Growth strategies are economic poicies and measures designed to gain growth, and deveopment strategies are economic poicies and measures designed to achieve human deveopment, i.e. to improve the we-being of the peope. Remember that economic growth is not economic deveopment, but if it can generate extra income for governments, firms, and peope then it may ead to deveopment, depending upon how that extra income is used. We can now ook at a number of different strategies. 1 Import substitution Import substitution is more fuy known as import substitution industriaization (ISI). It may aso be referred to as an inwardoriented strategy. It is a strategy that says that a deveoping country shoud, wherever possibe, produce goods domesticay, rather than import them. This shoud mean that the industries producing the goods domesticay wi be abe to grow, as wi the economy, and then wi be abe to be competitive on word markets in the future, as they gain from economies of scae. It is the opposite of export-ed growth and is not supported by those economists who beieve in the advantages of free trade based on comparative advantage. In order for the strategy to work there are some necessary conditions: The government needs to adopt a poicy of organizing the seection of goods to produce domesticay. Historicay, this has been abour-intensive, ow-ski manufactured goods such as cothing or shoes. Subsidies are made avaiabe to encourage domestic industries. The government needs to impement a protectionist system with tariff barriers to keep out foreign imports. There are a number of perceived advantages and disadvantages with ISI: 4 Deveopment Economics 370 Non-convertibiity means that trade is ess ikey to occur. Traders woud be taking more of a risk deaing in a non-convertibe currency and are ikey to go esewhere to conduct their business. The same is true of foreign investment. Advantages ISI protects jobs in the domestic market, since foreign firms are prevented from competing so domestic firms dominate. 371

4 30 Internationa trade and economic deveopment 30 Internationa trade and economic deveopment 4 Deveopment Economics 372 ISI protects the oca cuture and socia habits by practicay isoating the economy from foreign infuence. ISI protects the economy from the power, and possiby bad infuence, of mutinationa corporations. Disadvantages ISI may ony protect jobs in the short run. In the ong run, economic growth may be ower in the economy and the ack of growth may ead to a ack of job creation. ISI means that the country does not enjoy the benefits to be gained from comparative advantage and speciaization, so producing products reativey inefficienty, when they coud be imported from efficient foreign producers. ISI may ead to inefficiency in domestic industries, because competition is not there to encourage research and deveopment. ISI may ead to high rates of infation due to domestic aggregate suppy constraints. ISI may cause other countries to take retaiatory protectionist measures. The main countries to adopt ISI strategies were in Latin America, incuding Argentina, Brazi, Mexico, Chie, and Uruguay. As former coonies gained their independence many aso adopted inward-oriented strategies. These incuded India, Nigeria, and Kenya. These poicies showed some success in the 1960s and 1970s, but the poicies started to fai in the eary 1980s. Government overspending and the debt crisis ed to the inabiity of governments to repay the oans they had taken and in the 1980s many of the countries were forced to go to the IMF for hep. 2 Export promotion Export promotion, often caed export-ed growth, is an outwardoriented growth strategy, based on openness and increased internationa trade. It is where growth is achieved by concentrating on increasing exports and export revenue as a eading factor in the aggregate demand of the country. Increasing exports shoud ead to increasing GDP and this in turn shoud ead to higher incomes and, eventuay, growth in domestic and exporting markets. The country concentrates on producing and exporting products in which it has a comparative advantage of production. In order to achieve export-ed growth, it is assumed that a country wi need to adopt certain poicies. These incude: Liberaized trade: Open up domestic markets to foreign competition in order to gain access to foreign markets. Liberaised capita fows: Reduce restrictions on foreign direct investment A foating exchange rate. Investment in the provision of infrastructure to enabe trade to take pace. Dereguation and minima government intervention. The ist iustrates the theoretica package of poicies associated with export-ed growth. In reaity, countries that adopt an outwardoriented strategy do not necessariy adopt a of these poicies. Deveoping countries may attempt to export either primary products and/or manufactured products (athough some have tried to export services, usuay in the form of tourism). We shoud consider the differences invoved in using the export of primary or manufactured products as the engine for growth. Many deveoping countries depend upon the export of primary products in order to gain export revenue. However, the overa trend in primary product prices, with the exception of oi and some metas, has been downward for many years. This is due to increasing suppy and reativey insignificant increases in demand for a number of different reasons (see Chapter 26). This, combined with increased protectionism by deveoped countries, means that export-ed growth based on export primary products is unikey to be achieved. The focus of export-ed growth is usuay on increasing manufacturing exports. The success of countries such as Japan, South Korea, Hong Kong, Singapore, and Taiwan, known as the Asian tigers, is usuay used to iustrate the effectiveness of such a strategy. These countries exported products in which they had a comparative advantage, usuay based upon ow-cost abour, and were extremey successfu in doing so. Over time, the type of product being exported by the majority of these countries has aso tended to change from products that were produced using abourintensive production methods, requiring ow ski eves from the workers, to more sophisticated products, using capita-intensive production methods and more highy skied workers. Improvements in education systems were essentia for this. Athough it woud appear that export-ed growth is an obvious way to gain success, this is not necessariy the case. There are a number of probems associated with export-ed growth. The success of the Asian tigers, since around 1965, has ed to increased protectionism in deveoped countries against manufactured products from deveoping countries. Trade unions and workers in deveoped countries argued that they coud not compete against the imports from ow-wage deveoping countries and that this was unfair. They obbied their governments to put tariffs and quotas on the ower-priced goods. Price increases as a resut of tariffs effectivey removed the comparative advantage of the exporting countries. Tariff escaation aso reduced the abiity of the deveoping countries to export processed goods and assembed products, forcing many to export primary products and ow-skied manufactured goods instead. Certain assumptions were made about the necessary conditions for export-ed growth. If we ook at the successfu countries, these conditions were not necessariy met. Many economists woud argue that the roe of the state in successfu export-ed growth is vita and that minimizing government intervention is not the way forward. In the Asian tiger countries, governments payed an important roe by providing infrastructure, subsidizing output through ow credit terms via centra banks, and promoting savings and improvements in technoogy. In addition, governments adopted poicies where they protected domestic industries that Deveopment Economics

5 30 Internationa trade and economic deveopment 30 Internationa trade and economic deveopment were not yet abe to compete with foreign firms and promoted the industries that were ready for competition in export markets. This iustrates the infant industry argument for protection. This topic is one of great debate amongst deveopment economists and many argue that intervention is vita. Others argue that state intervention in these economies actuay sowed down growth rates. If countries attempt to kick-start their export-ed growth by attracting MNCs, there is aways the fear that the MNCs may become too powerfu within the country and that this may ead to probems. We wi ook at the roe of MNCs and FDI in Chapter 31. It is argued by some economists that free-market, export-ed growth may increase income inequaity in the country. If this is the case, then economic growth may be achieved at the expense of economic deveopment. 3 Trade iberaization Trade iberaization is the remova, or at east reduction, of trade barriers that bock the free trade of goods and services between countries. It invoves the eimination of such things as tariff barriers, quotas, export subsidies, and administrative egisation. increasingy criticized by economists who were not supporters of such poicies. The criticisms have formed the basis of what has come to be known as the anti-gobaization movement. They fee that reforms such as the Washington Consensus are just a way to ensure that MNCs have access to cheap abour markets in deveoping countries. In this way the MNCs can produce inexpensive products, which are then sod for high prices in deveoped countries. The MNCs make high profits and the workers in deveoping countries gain itte. According to this view the Washington Consensus, and so iberaization of trade, did not ead to high economic growth. Instead, there have been economic crises and increased debt and such poicies have ead to increased income inequaity and expoitative working conditions, thus working against the goa of economic deveopment. It is interesting to note that there seems to have been a movement towards the eft in a number of Latin American countries, such as Venezuea, Boivia, and Brazi, and these countries, aong with Cuba, have been very voca in their condemnation of the Washington Consensus. Argentina has, in the ast few years, moved back towards an ISI approach to growth and there seems to have been some success. 4 Deveopment Economics 374 The beief is that trade iberaization wi increase word trade and wi enabe deveoping countries to concentrate on the production of goods and services in which they have a comparative advantage. The advantages of free trade are covered in Chapter 21. The Word Trade Organisation (WTO) is an institution that attempts to promote trade iberaization and so to encourage free trade. Its roe in word trade is described in Chapter 21. In 1989 the American economist, John Wiiamson, identified ten common reforms that were necessary for economic growth in deveoping countries. One of the key reforms was trade iberaization. The Word Bank, the Internationa Monetary Fund, and the US Treasury Department agreed with this ist and, as a resut, Latin American economies seeking economic hep were encouraged to adopt such market-based reforms. The poicies were: Fisca discipine, that is, baanced budgets Redirect spending priorities from things ike indiscriminate subsidies to basic heath and education Lower margina tax rates and broaden the tax base Interest rate iberaization A competitive exchange rate Trade iberaization Liberaization of FDI infows Privatization Dereguation Secure property rights Because the reforms were common to the Word Bank, the IMF, and the US Treasury Department, they became known as the Washington Consensus. You shoud be abe to recognize that these reforms are simiar to the market-based suppy side poicies discussed earier. By the end of the 20 th century, the Washington Consensus was 4 Biatera and regiona preferentia trade agreements As we know from Chapter 25, preferentia trade agreements are reated to preferentia trading areas. Countries in a trading boc give preferentia access to products from other member countries. This is usuay done by reducing, but not necessariy aboishing, tariffs. These agreements may be between two countries, in which case they are biatera, or they may be between two regiona groups, such as the EU and the APC. The beief is that the more agreements that are made, the greater wi be the abiity of deveoping countries to trade and so gain growth and, eventuay, deveopment. 5 Diversification One major probem for a number of deveoping countries has been over-dependence upon exporting a imited range of primary commodities. In many cases countries have been dependent upon export earnings from one, or possiby two, commodities. A number of deveoping countries are now pursuing export diversification as a means to gain economic growth. The aim is to move from the production and export of primary commodities and to repace these with the production and export of manufactured and semi-manufactured products. In doing this they hope to protect themseves from the voatie changes in primary product prices, to stabiize or increase export revenue and to stabiize or increase empoyment. There wi aso be an increased use of technoogy and an increased demand for more highy skied workers. There are a number of barriers to the strategy of diversification. One is the practice of tariff escaation, which was discussed earier in the chapter. A second is the need for a more highy quaified workforce in order to produce reativey more sophisticated products. Theory of Knowedge Athough the topic of Fairtrade is not specificay on the IB syabus, we fee that it is a vauabe deveopment strategy and an important goba movement that deserves your attention. What is Fairtrade? Deveopment Economics

6 30 Internationa trade and economic deveopment 30 Internationa trade and economic deveopment 4 Deveopment Economics Deveopment strategies Fairtrade organizations In many deveoping countries many sma-scae farmers and workers are unabe to make a iving income. Low word prices for primary products, high profits for middemen, tariff escaation, and poor working conditions make ife extremey difficut. Fair trade schemes are an attempt to ensure that producers of food, and some non-food, products in deveoping countries receive a fair dea when they are seing their products. If consumers are aware of the harsh and often unfair conditions facing the farmers, then perhaps they may be wiing to buy from producers who pay a fair price to the farmers. Today, Fairtrade Labeing Organization Internationa (FLO) coordinates Fairtrade abeing in 20 countries, incuding the Fairtrade foundation in the UK. The schemes aim to hep sma farmers and andess workers. Fair trade schemes have operated for over 50 years, but the rea growth of the movement has come with the advent of Fairtrade abeing. This began in the Netherands in 1988 when the Max Haveaar Foundation began to se coffee from Mexico with the first Fairtrade consumer guarantee abe. This is a system where products can be certified if they meet the standards of the FLO, which gives them the right to dispay the Internationa Fairtrade Certification Mark. This recognizabe mark means that consumers wi be abe to identify Fairtrade products, know that they are approved, and buy them knowing that the producer of the good was paid a fair price. FLO reguary inspects and certifies around 500 producer organizations in more than 50 countries in Africa, Asia, and Latin America, which resuts in fair trading conditions for approximatey one miion farmers, workers, and their famiies. 1 A trading company wishing to quaify for the Internationa Fairtrade Certification Mark must meet certain FLO criteria. The product must reach the trader as directy as possibe with few, if any, intermediaries. The product must be purchased at east at the Fairtrade minimum price. This is a guaranteed price that covers production costs and provides a iving income. It covers the cost of sustainabe production. The producer receives a premium if the product is certified as organic. The trader must be committed to a ong-term contract, which in turn gives security to the producer. The producer has access to credit from the trader, upon request, of up to 60% of the purchase price. Where sma farmers are invoved the product must come from producers that are managed democraticay. If the product comes from pantations then the workers must benefit from internationay recognized empoyment standards incuding trade unions, if they wish, and there must be no use of chid abour. The guarantee of the minimum price brings stabiity. We, producers, are not totay subjected to the aw of suppy and demand. We know that we wi be paid at east US$69 the quinta. This guarantee makes it possibe to pan ong-term, to invest, to deveop technica support, in one word, to deveop our business, says Feipe Cancari Capcha, a producer from E Ceibo Cooperative, a Fairtrade cocoa producer in Boivia. The producer must use sustainabe farming methods to produce the good. The trader aso pays a Fairtrade premium to the producer. The producers use these funds to aid oca community deveopment. The producers decide how the money wi be spent, but it is usuay used to promote heath care, education, or other socia schemes. The producers are accountabe to the FLO for the appropriate use of the funds. Fairtrade certified food products incude bananas, cocoa, coffee, dried fruit, fresh fruit and vegetabes, honey, juices, nuts/oi seeds and purees, quinoa, rice, spices, sugar, tea, and wine. Non-food products incude cotton, cut fowers, ornamenta pants, and sports bas. Athough the price might sometimes be sighty higher for Fairtrade certified products than non-fairtrade products, it is cear that many consumers are wiing to pay to contribute to better conditions for producers. Goba saes of Fairtrade products were vaued at just over?1.1 biion for 2005, an increase of 37% on Fairtrade products are making their way into more and more shops and restaurants as firms become aware of the increasing popuarity. Fairtrade, with its emphasis on granting a iving income, giving security, demanding proper working conditions, encouraging sustainabe production, and funding oca community deveopment, is ceary a strategy that eads to deveopment as we as growth. End of chapter review questions 1 Expain how each of the foowing may prevent deveoping countries from achieving economic growth: a Over-speciaization on a narrow range of products b Voatie commodity prices c Trade protection in more deveoped countries 2 Compare and contrast an import substitution poicy with an export promotion strategy. 3 Expain how diversification may hep a deveoping country to achieve economic growth. Student workpoint 30.3 Be caring Fairtrade organizations Find out if there are Fairtrade products avaiabe in your country. If so, make a ist of the products and where they can be purchased. Then be sure to try some the chocoate is exceent! 4 Deveopment Economics FLO News Buetin, Juy

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