Abstract
Abstract In this essay I critically engage with Mathias Risse and Gabriel Wollner’s book On Trade Justice: A Philosophical Plea for a New Global Deal. I sketch their general view of the concept of exploitation and of trade exploitation more specifically. I then suggest that, contra Risse and Wollner, exploitation belongs to non-ideal theory. In addition, I argue that Risse and Wollner have not shown that the WTO is exploitative, and argue that their account of fair wages suffers from a number of weaknesses both on the cost and contribution sides.
Highlights
The belief that rapid integration into the global economy would create more favourable conditions for growth in developing countries has permeated much thinking in development policy in the past two decades
High interest rates and strong demand in the United States distinguish that country as the high-growth, high-return centre of a stagnant global economy, competing with developing countries for capital and reinforcing the strength of the dollar despite the weak currentaccount balance
This constellation is reminiscent of the first half of the 1980s, when the dollar strengthened despite rising trade deficits and generated pressures for protectionism
Summary
1.4 Baseline forecasts of GDP growth in 1999 by region and for selected countries, 2.2 Foreign trade and the terms of trade of selected developing Asian economies, 5.1 Developing countries: Aggregate net capital inflow by type of flow, and net transfer, 5.3 Net inflow and outflow of short-term capital in 13 emerging-market countries, 6.4 Developing-country exports to developed countries and market penetration: ix. 3.1 Exchange rates and money-market rates in selected emerging-market economies, 4.2 Relationship between GDP growth and the trade deficit in developing countries, 5.7 The quarterly level of international reserves in Mexico, Republic of Korea, Thailand
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