North-South Trade, Employment and Inequality

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In this important and topical book, Adrian Wood demonstrates that recent changes in North-South trade have had a far larger impact on labor markets than earlier studies imply, altering the relative demand for skilled and unskilled workers in the two regions. Developing his argument byincorporating three fields of economics--international, labor, and development--he suggests policies that could reduce the resulting social dislocation in the North, without jeopardizing world trade or economic progress in the South. Wood argues that there are grounds for qualified eptimism despitethis problem. Greater trade should mean greater prosperity for developing countries, and less global inequality, while for developed countries it should mean workers are available to produce sophisticated exports, which the South cannot produce. Northern governments must take action to avoid thesituation of rising unemployment and protectionism in the North, and exploitation of labor in the South. Wood argues that this can be done not through protectionism, but through investment in education and training to raise the supply of skilled labor.