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

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Summary

Chapter VI viii

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

Developing countries
The assessment of adequacy of reserves under Article XV of GATT 1994 and xi
Recent developments in world output
Regional economic performance
Transition economies
Prospects and downside risks
Policy challenges
The slowdown in world trade
Impact of the Asian crisis on developing regions
Latin America
Africa
Short-term outlook and uncertainties
Non-oil commodity markets
Recent developments and emerging trends in oil markets
Changes in the oil industry and pricing policy
Demand and supply conditions
The impact of falling oil prices
The Third WTO Ministerial Conference and a new “Trade Round”
A “positive trade agenda” for developing countries
13 The price indicator employed here is the average spot
Volatility and contagion in the aftermath of the East Asian crisis
Industrial countries
Emerging markets
Recent trends in private external financing
Outlook
The euro and the international financial system
Background
Exchange-rate stability
The euro versus the dollar
The euro and capital markets
Impact on trade and growth
April 1999
24 Much of the fluctuation for East- and South-Asian
Introduction
A review of long-term trends
Non-oil sub-Saharan Africa 90s
Trade deficits and growth
Imports and exports
The experience of different countries
Factors influencing trade performance
Terms-of-trade losses
Liberalization and trade performance
Growth and deficits: empirical estimates and alternative scenarios
Capital inflows: a review of long-term trends
Capital flows and the current account
Capital outflows
Reserve accumulation
III I IIII III I III I III I III I III I III I
Current-account financing
Short-term capital flows
10 Net flow
Foreign direct investment
Recent trends
Sources and utilization
Balance-of-payments impact
Developing countries: managing integration
Establishing competitive industries
Fallacies of composition
Beyond the playing-field metaphor
Trading opportunities for developing countries
Adjustments in the North
22 May 1999
38 This analysis was based on a classification of exports
Growth and Development in Africa
Findings
UNCTAD Discussion Papers
Full Text
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