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Free Trade And Growth In The World Economy

Author

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  • PETER LLOYD

    (Department of Economics, University of Melbourne, Parkville, Vic. 31010, Australia)

Abstract

This paper explores the relationship between free trade and the rate of economic growth. It is argued that freeing trade has both a level effect and a growth effect. Most empirical studies ignore the growth effect and, therefore, considerably understate the beneficial effects of freeing trade. Progress towards free trade in the GATT/WTO era is far from complete. Regionalism has had a limited effect on freeing trade globally. The completion of the Doha Development Round is needed to restart trade as the engine of growth.

Suggested Citation

  • Peter Lloyd, 2011. "Free Trade And Growth In The World Economy," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 56(03), pages 291-306.
    • Handle: RePEc:wsi:serxxx:v:56:y:2011:i:03:n:s0217590811004377
    DOI: 10.1142/S0217590811004377
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    References listed on IDEAS

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