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Growth of World Trade: 1870-2010

This chapter explores the growth of world trade over the years, examining its relationship with economic openness and GDP per capita. It also discusses the differences in growth between closed and open economies, as well as the impact of trade on prices and product quality.

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Growth of World Trade: 1870-2010

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  1. Chapter 11 GROWTH IN THE OPEN ECONOMY

  2. Figure 11.1 Growth of World Trade, 1870–2010 Sources: Maddison (2001), World Bank (2007a).

  3. Figure 11.2 Relationship between Economic Openness and GDP per Capita Sources: Sachs and Warner (1995), Wacziarg and Welch (2008).

  4. Figure 11.3 Growth in Closed Economies Sources: Sachs and Warner (1995), Wacziarg and Welch (2008), Heston et al. (2011).

  5. Figure 11.4 Growth in Open Economies Sources: Sachs and Warner (1995), Wacziarg and Welch (2008), Heston et al. (2011).

  6. Figure 11.5 Saving and Investment Rates of Industrialized Countries, 1960–1974 Sources: Feldstein and Horioka (1980).

  7. Table 11.1 Prices in Japan before and after Opening to Trade

  8. Figure 11.6 Quality of U.S.- and Japanese-made Automobiles Source: “Are Today’s Cars More Reliable?” Consumer Reports 66(4) (April 2001), p. 12.

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