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Title:The rise and fall of export-led growth PDF Logo
Authors:Palley, Thomas I.
Issue Date:2011
Series/Report no.:Working paper, Levy Economics Institute 675
Abstract:This paper traces the rise of export-led growth as a development paradigm and argues that it is exhausted owing to changed conditions in emerging market (EM) and developed economies. The global economy needs a recalibration that facilitates a new paradigm of domestic demand-led growth. Globalization has so diversified global economic activity that no country or region can act as the lone locomotive of global growth. Political reasoning suggests that EM countries are not likely to abandon export-led growth, nor will the international community implement the international arrangements needed for successful domestic demand-led growth. Consequently, the global economy likely faces asymmetric stagnation.
Subjects:export-led growth
domestic demand-led growth
economic development
stagnation
JEL:F00
F01
F02
F10
F20
F50
O11
O19
O24
Document Type:Working Paper
Appears in Collections:Working Papers, Levy Economics Institute of Bard College

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