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The Contradictions of Export-led Growth

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  • Thomas I. Palley

Abstract

The export-led growth paradigm is a development strategy aimed at growing productive capacity by focusing on foreign markets. It rose to prominence in the late 1970s and became part of a new consensus among economists about the benefits of economic openness. According to Thomas I. Palley, this paradigm is no longer relevant because of changed conditions in both emerging-market (EM) and developed economies. He outlines the stages of the export-led growth paradigm leading to its adoption worldwide, as well as the various critiques of this agenda that have become increasingly prescient. He concludes that we should reduce reliance on strategies aimed at attracting export-oriented foreign direct investment and institute a new paradigm based on a domestic demand–led growth model. Otherwise, the global economy is likely to experience asymmetric stagnation and increased economic tensions between EM and industrialized economies.

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Paper provided by Levy Economics Institute in its series Economics Public Policy Brief Archive with number ppb_119.

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Date of creation: Aug 2011
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Handle: RePEc:lev:levppb:ppb_119

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  1. Marshall, CBE, FBA, P.J., 2005. "Proceedings of the British Academy, Volume 131, 2004 Lectures," OUP Catalogue, Oxford University Press, number 9780197263518, Octomber.
  2. Marshall, CBE, FBA, P.J., 2005. "Proceedings of the British Academy Volume 125, 2003 Lectures," OUP Catalogue, Oxford University Press, number 9780197263242, Octomber.
  3. Robert A. Blecker & Arslan Razmi, 2009. "Export-led growth, real exchange rates and the fallacy of composition," Working Papers 2009-22, American University, Department of Economics.
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  5. Brewer, Anthony, 1985. "Trade with fixed real wages and mobile capital," Journal of International Economics, Elsevier, vol. 18(1-2), pages 177-186, February.
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  7. Marshall, CBE, FBA, P.J, 2007. "Proceedings of the British Academy, Volume 151, 2006 Lectures," OUP Catalogue, Oxford University Press, number 9780197264249, Octomber.
  8. Sarkar, Prabirjit & Singer, H. W., 1991. "Manufactured exports of developing countries and their terms of trade since 1965," World Development, Elsevier, vol. 19(4), pages 333-340, April.
  9. Marshall, CBE, FBA, P.J., 2003. "Proceedings of the British Academy, Volume 121, 2002 Lectures," OUP Catalogue, Oxford University Press, number 9780197263037, Octomber.
  10. Marshall, CBE, FBA, P.J., 2007. "Proceedings of the British Academy, Volume 139, 2005 Lectures," OUP Catalogue, Oxford University Press, number 9780197263945, Octomber.
  11. Johnston, FBA, Ron, 2011. "Proceedings of the British Academy, Volume 166, Biographical Memoirs of Fellows, IX," OUP Catalogue, Oxford University Press, number 9780197264751, Octomber.
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