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  1. Growth and Policy in Developing Countries
  2. The Welfare State Revisited
  3. About De Gruyter

It brings about an expansion of value-added and increases in labour productivity of an economy , with the consequent effect of sustainable economic growth and poverty reduction. Let me recall that the latter are also the ultimate goals of the AfT initiative. There are various links between productive capacities and poverty reduction, but the creation of productive employment is the primary link.

Yet the process of development of productive capacities is not what has been taking place in the LDCs, as their economic growth rates show.

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Since their political independence, only seven of 40 LDCs for which data are available experienced steady growth: This means that rates of capital accumulation, technological progress and structural change remain insufficient in most of the LDCs. There are three main constraints on the development of productive capacities in the LDCs:. But all is not bleak. The report finds that there are significant underutilized resources and capabilities within the LDCs.

Growth and Policy in Developing Countries

Underemployment and low-productivity labour are the clearest indications of this. But there is also untapped traditional knowledge, untapped natural resources, and latent entrepreneurship. And there are substantial possibilities for increased domestic financial resource mobilization, based on the increased monetization of the economy, the mobilization of surplus labour and a shift away from household to corporate financing of investments.

Moreover, technological underdevelopment implies a major opportunity for fast technological catch-up through the acquisition and effective use of foreign technologies. The question is then how to foster the development of productive capacities in LDCs and other low-income countries. There is a major opportunity - so long as the policies are right.

The Welfare State Revisited

These policies should seek to achieve increased employment of all existing productive resources, including labour, domestic financial savings and natural resources, and to develop productive capacities by overcoming constraints on capital accumulation, technological progress and structural change. Let me turn now to the second part of my presentation, in which I will draw some policy implications from this analysis of relevance to the AfT initiative.

Developing productive capacities requires a paradigm shift in the current approach to national policies. National development and poverty reduction strategies need to focus on generating productive employment and overcoming constraints on productive capacity development - constraints that in turn hamper job creation. I would like to look first at international policies, of which the AfT initiative is part. In order to make aid work for economic growth and poverty reduction, it is necessary to rebalance the sectoral composition of aid towards productive sectors, economic infrastructure and developing domestic financial and knowledge systems.

The share of aid for in-country development programmes and direct support for programmes run by developing-country governments should also be increased. This refers in particular to the strengthening of infrastructure in those countries. Let me illustrate why this is critical. In nominal terms, aid to the LDCs doubled between and These trends should be stopped. The AfT initiative provides an opportunity to do so, at least partially. I would like to recall that trade liberalization is not so much the issue as supply capacity. LDCs and other low-income countries have opened their trade regimes very rapidly over the last 15 years.

They have also enjoyed preferential market access. Yet this has not resulted in a sustained growth in their export volumes or in a significant increase in the value added incorporated in their exports. Ultimately, the goods and services that these countries can supply competitively to world markets are limited by the goods and services that they can produce and how efficient they are at producing them.

For them, supply-side constraints have been the greatest hurdles to taking advantage of preferential market access and increasing their share and earnings from international trade.

About De Gruyter

In fact, both the Report of the Task Force on the Enhancement of the Integrated Framework and the Report of the Task force on Aid for Trade place great emphasis on building supply capacities. Supply-side capacity constraints reflect the overall underdevelopment of an economy and manifest themselves in various forms:. Tackling these supply capacity constraints requires capacity-building in a wide range of areas. With respect to trade, for example, there is a need to support trade policy formulation at the national level, and to support effective participation in the WTO including in relation to accession and bilateral and regional agreements.

There is further need to expand the transport network of roads, railways, air, sea and inland ports, and pipelines. While building hard infrastructure may entail major expenditure, building soft infrastructure such as policies, procedures and institutions can often be more difficult.

Now for the third part of my presentation: Although virtually all UNCTAD programmes deal directly or indirectly with trade and development and fall within the scope of the initiative, I would like to focus on three areas: First, building productive capacity depends on investments - by public authorities, and ultimately by private enterprises domestic and foreign. UNCTAD Investment Policy Reviews of over 20 developing countries suggest that a pervasive impediment to private-sector investment is the set of general operating measures affecting all business, including FDI.

There now appears to be general awareness and acceptance of this problem in most countries; one indicator is the high degree of government acceptance of the recommendations of our Investment Policy Reviews. In addition to assessing the policy environment for investors, including FDI, these reviews provide advice that goes beyond the simple including both policy recommendations and strategic suggestions for investment promotion and enhancement of the benefits from FDI.

Besides stressing the improvement of the general regulatory framework, the recommendations highlight the importance of generating interactions with firms in related industries, technology institutes, universities and business development centres, among others. Suggested policy measures can be geared, for example, to facilitating cluster establishment, including setting up free trade zones, multi-facility economic zones, incubators and technology centres. In this context, any aid directed at building supply capacity for exporting must consider how to encourage further FDI in developing countries and how to foster linkages in order to build supply capacity.

Another area that deserves attention is that of trade-related infrastructure and logistics.

Post-War Development in Asia and Africa (INAUGURAL SESSION) 31.08.2014

The detrimental effects of poor infrastructure on production costs, transport costs, exports, poverty alleviation and development more generally are well documented. Global View on the World Economy. The Financial System Under Stress. Money, Markets, and Government. Global Integration And Technology Transfer. The Economics of Foreign Aid. Globalization and the Myths of Free Trade. Reforming the International Financial System for Development. Towards a General Theory of Deep Downturns.

Regrowing Global Economies after the Great Recession. Foreign Direct Investment and the World Economy. World Economic Outlook, September The Global Demographic Transition. Critical Issues in International Financial Reform. In the Wake of the Crisis. Time for a Visible Hand. Social Fairness and Economics. Overcoming Developing Country Debt Crises.

Too Little, Too Late. Development Cooperation in Times of Crisis. Power, Employment and Accumulation. Resetting the International Monetary Non System. The Future of National Development Banks. Initiative for Policy Dialogue at Columbia: Challenges in Development and Globalization. How to write a great review. The review must be at least 50 characters long.

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