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Theoretical Basis and Regulatory Framework for Microtrade: Combining Volunteerism with International Trade towards Poverty Elimination

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  • Lee Yong-Shik

Abstract

Poverty remains a serious global issue, and nearly half of the world's populations are still living below the poverty line. International trade has been a vehicle for successful economic development for some developing economies in East Asia, including South Korea, Taiwan, Hong Kong, Singapore, and more recently, China. With the success of their trade-based economic development policies and the export-driven development strategy, all of these countries escaped from poverty.Can other developing countries duplicate this success and also bring their populations out of poverty? Some factors, including political stability, organized government support, educated workforce, availability of foreign markets, and financial resources such as foreign loans, have been considered essential for the success of this export-driven economic development strategy. These factors are not present in many developing countries, particularly least-developed countries (LDCs), thus making it difficult for them to pursue successful trade-based development policies to break the circle of poverty.The author suggests "microtrade," defined as international trade of small quantities of locally-produced products (LPPs) produced on a small scale, as an alternative way to provide those living in LDCs with income sufficient to reduce or eliminate poverty. Microtrade, unlike the export-driven development policies undertaken at a national level, is not based on the development of large-scale export industries, which cannot be initiated by many LDCs. This article provides a discussion of the theoretical basis of microtrade and its regulatory framework from the perspective of international trade law.

Suggested Citation

  • Lee Yong-Shik, 2009. "Theoretical Basis and Regulatory Framework for Microtrade: Combining Volunteerism with International Trade towards Poverty Elimination," The Law and Development Review, De Gruyter, vol. 2(1), pages 367-399, December.
    • Handle: RePEc:bpj:lawdev:v:2:y:2009:i:1:n:12
    DOI: 10.2202/1943-3867.1044
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    References listed on IDEAS

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    Cited by:

    1. Kim Dae-in & Yoo Joon Koo, 2012. "Microtrade and Public Procurement: Facilitating "Aid for Trade" through Government Purchasing," The Law and Development Review, De Gruyter, vol. 5(1), pages 129-152, June.
    2. Shirazi Fraid, 2012. "Virtual Bazaar: A Means of Supporting Microtrade in the Least Developed Countries," The Law and Development Review, De Gruyter, vol. 5(1), pages 29-49, May.
    3. Picker Colin B., 2012. "A Legal Cultural Analysis of Microtrade," The Law and Development Review, De Gruyter, vol. 5(1), pages 101-128, May.
    4. Neef Andreas & Mizuno Kei & Schad Iven & Williams Pakakrong M. & Rwezimula Franklin, 2012. "Community-Based Microtrade in Support of Small-Scale Farmers in Thailand and Tanzania," The Law and Development Review, De Gruyter, vol. 5(1), pages 80-100, May.
    5. Khumon Prapanpong, 2012. "Microtrade and the Fair Trade Movement," The Law and Development Review, De Gruyter, vol. 5(1), pages 50-79, May.

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