Trade and Development Report 2003

Capital Accumulation, Growth and Structural Change

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Trade and Development Report 2003 offers a distinct perspective on global economic trends and prospects and raises some disturbing questions about the frail state of the trade-development nexus - particularly critical in the aftermath of Cancún. It traces the difficulties back to the surges in global trade and financial flows in the 1990s and warns that pushing liberalization at a time of sluggish global growth and unemployment runs the danger of rekindling mercantilist reactions in advanced countries and false expectations in developing countries.




The past two decades have been shaped by a radical shift in development thinking and practice. In the wake of the debt and development crisis of the 1980s, a new policy approach looked to liberate enterprise from state intervention, deferring to the invisible touch of global market forces. The promise was for an end to macroeconomic chaos, stop-go development cycles and debilitating levels of debt, ushering in an era of sustained growth and poverty reduction. The collapse of the Berlin Wall gave this agenda global reach.


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