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Globalisation, Comparative Advantage and the Changing Dynamics of Trade

image of Globalisation, Comparative Advantage and the Changing Dynamics of Trade

The effects of globalisation have been at the forefront of public debate in recent years, fuelled on the one hand by the large benefits of integrated markets, and on the other hand, by the detrimental adjustment effects often experienced by many economies as a result.  Knowing how trade has been evolving over time and the role policy has played in this evolution are critical to understanding the globalisation debate and grasping the lessons for future policy development. The comparative advantage hypothesis has been suggested as one of the principal explanations of international trade and of the benefits associated with openness. It has also provided the intellectual underpinnings for most trade policy in the past 50 years. This book collects OECD work that builds on recent contributions to the theory and empirics of comparative advantage, putting particular emphasis on the role policy can play in shaping trade.

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Production, consumption and trade developments in the era of globalisation

This chapter characterises broad trends in production, consumption and trade over the past thirty years across the OECD and selected emerging market (SEM) countries and sets them in the context of economic and social events pertinent to international commerce. It provides a background for the more nuanced analyses of trade specialisation and its underlying drivers that follow in the subsequent chapters of this volume.

English

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