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Economic Takeoffs in a Dynamic Process of Globalization

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  • Eric W. Bond
  • Ronald W. Jones
  • Ping Wang

Abstract

The paper develops a dynamic general-equilibrium framework to illustrate that trade liberalization may speed up the process of globalization and industrialization by enabling a small open economy to reallocate production factors to modern export sectors where increasing returns to experience are present. The authors emphasize the role of knowledge in service activities related to the export of modern sector goods, which has the form of a public good that can be utilized in exporting of other modern sector goods. As a consequence of this knowledge accumulation, the economy begins to take off and exhibits more rapid rates of wage and output growth. The accumulation of knowledge also shifts comparative advantage in the modern sector to more service-intensive goods, thus leading to a natural evolution of comparative advantage. These results lend theoretical support to the different development experiences in the 1960s between East Asia and Latin America. Copyright Blackwell Publishing Ltd 2005..

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of International Economics.

Volume (Year): 13 (2005)
Issue (Month): 1 (02)
Pages: 1-19

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Handle: RePEc:bla:reviec:v:13:y:2005:i:1:p:1-19

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Cited by:
  1. Wang, Ping & Xie, Danyang, 2004. "Activation of a modern industry," Journal of Development Economics, Elsevier, Elsevier, vol. 74(2), pages 393-410, August.
  2. Chang, Ming-Jen & Wang, Ping & Xie, Danyang, 2011. "The dynamic process of economic takeoff and industrial transformation," MPRA Paper 31868, University Library of Munich, Germany.
  3. Trindade, Vitor, 2005. "The big push, industrialization and international trade: The role of exports," Journal of Development Economics, Elsevier, Elsevier, vol. 78(1), pages 22-48, October.
  4. Nicholas Sim, 2005. "Service liberalization, endogenous industrial composition and modernization," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(3), pages 161-163.
  5. Shahbaz, Muhammad, 2012. "Does trade openness affect long run growth? Cointegration, causality and forecast error variance decomposition tests for Pakistan," Economic Modelling, Elsevier, Elsevier, vol. 29(6), pages 2325-2339.

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