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Question: Over the long period 1945-2007, global trade has generally grown much faster than the annual average rate of growth of global GDP. Proponents of an "export-led growth" strategy have argued that, with this growth of global trade, concerns over the "fallacy of composition" argument regarding trade as an engine of growth are exaggerated - that is, export growth has plenty of room for maneuver. Analyze this dispute, with particular reference to the possible duplications of the cases of Korea and Taiwan. What percentage of world exports is currently produced by less-developed countries? You can find this data at the UNCTAD website in the annual book of statistics.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92293899

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