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The Importance of Trade in Economic Development

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  • Tim Kastelle
  • Peter W. Liesch

Abstract

This article uses complex network analysis to investigate the question of the contribution international trade makes to growth in small-population, developed economies, with an emphasis on Australia. Using a longitudinal data set, the empirical work investigates the opportunities available to these economies to improve their position within the international trade network, looks at one common tool for doing so (free trade agreements), and discusses the role that firm-level actions play in the generation of the macro-level patterns of trade and development. The latter uses a complementary case study data from eighteen Australian firms regarding their process of integration with the international trade network. The findings indicate that economic growth is driven primarily by the formation of new international trade connections. However, such connections are difficult for small firms to make, which poses potential problems for countries with economies dominated by small firms.

Suggested Citation

  • Tim Kastelle & Peter W. Liesch, 2013. "The Importance of Trade in Economic Development," International Studies of Management & Organization, Taylor & Francis Journals, vol. 43(2), pages 6-29, January.
    • Handle: RePEc:taf:mimoxx:v:43:y:2013:i:2:p:6-29
    DOI: 10.2753/IMO0020-8825430201
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    Cited by:

    1. Fredy Cepeda-Lopez & Fredy Gamboa-Estrada & Carlos Leon-Rincón & Hernán Rincon-Castro, 2022. "Colombian Liberalization and Integration into World Trade Markets: Much Ado about Nothing," Revista de Economía del Rosario, Universidad del Rosario, vol. 25(2), pages 1-44, December.
    2. My Duong & Mark J. Holmes & Anna Strutt & Steven Lim, 2019. "Effects of Trade Agreements and Foreign Direct Investment on Trade: Evidence from Vietnam," International Journal of Economics and Financial Issues, Econjournals, vol. 9(3), pages 116-126.

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