The illusion of export growth

The ‘Washington Consensus’ on widespread poverty is the lack of integration of the poorer economies into the global economy. If poorer economies were able to sell more goods to advanced and emerging economies, they would benefit immensely. By this logic, India’s extraordinary export (and import) performance since it embraced globalisation in 1991 should have had a measurable impact on poverty, with the most recent numbers on export growth reinforcing a trend that began in 1991.

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