Managing openness

The global financial crisis of 2008-2009 prompted a significant reevaluation of economic integration policies across both developed and developing nations. This book delves into the aftermath of the "great trade collapse," the sharpest downturn in recorded history since World War II, to explore how countries can effectively manage outward-oriented growth in a dramatically altered global landscape. It addresses the ongoing relevance of export-led growth models, highlighting the increasing importance of South-South trade and the need for new policy instruments to mitigate the inherent risks of greater economic openness.

"Managing Openness" examines the critical question of how to maximize the benefits of global integration while minimizing its vulnerabilities. It provides insights into navigating emerging trade policy issues, such as climate change, commodity markets, global production networks, and migration, all of which influence prospects for recovery and sustained growth. The book challenges the notion of inward orientation as a viable solution, asserting that the long-term advantages of openness outweigh the immediate negative impacts of trade shocks. This analysis offers a framework for policymakers and economists seeking to foster a resilient "export-led growth version 2.0" model in the post-crisis era.