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"Migration and trade are more prevalent today than ever before in the history of the world. The United States is the recipient of about one-third of the world’s migrants and accounted for a quarter of the world’s output and 13 percent of the world’s trade in 2005. But the global significance of the U.S. economy is slowly declining, and while the effects of migration and trade on the U.S. economy have been examined time and again, questions concerning the impact of migration and trade on development in low-income countries are of growing importance.
Simple, neoclassical economic models predict that prices should drive factors such as labor and capital across regions and countries toward their most valuable use. As this happens, developing countries, which are typically labor-rich and capital-scarce, should experience more rapid growth, higher income, and eventually convergence to industrial world levels of well-being. This process is happening slowly in some cases, but in other cases not at all.
Do migration and trade speed this convergence? If so, how? If not, why? These questions are addressed from different perspectives in the following papers presented at the conference “Migration, Trade, and Development,” held in Dallas in October 2006."
Federal Reserve Bank of Dallas
Migration, Trade, Global Development
Business Law, Public Responsibility, and Ethics | International Business | Politics and Social Change | Public Affairs, Public Policy and Public Administration
Federal Reserve Bank of Dallas; The Tower Center for Political Studies, Southern Methodist University; Department of Economics at Southern Methodist University; and Jno E. Owens Foundation, "Migration, Trade, and Development" (2007). eBooks. 3.