FREE TRADE AND GROWTH IN THE WORLD ECONOMY

Peter Lloyd ()
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Peter Lloyd: Department of Economics, University of Melbourne, Parkville, Vic. 31010, Australia

The Singapore Economic Review (SER), 2011, vol. 56, issue 03, 291-306

Abstract: This paper explores the relationship between free trade and the rate of economic growth. It is argued that freeing trade has both a level effect and a growth effect. Most empirical studies ignore the growth effect and, therefore, considerably understate the beneficial effects of freeing trade. Progress towards free trade in the GATT/WTO era is far from complete. Regionalism has had a limited effect on freeing trade globally. The completion of the Doha Development Round is needed to restart trade as the engine of growth.

Date: 2011
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DOI: 10.1142/S0217590811004377

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