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The author examines the impact of historical global downturns on trade flows. The results provide insight into why trade has dropped so dramatically in the current crisis, what is likely to happen in the coming years, how global imbalances are affected, and which regions and industries suffer most heavily. The author finds that the elasticity of global trade volumes to real world GDP has increased gradually from around 2 in the 1960s to above 3 now. The author also finds that trade is more responsive to GDP during global downturns than in tranquil times. The results suggest that the overall drop in real trade this year is likely to exceed 15 percent. There is significant variation across industries, with food and beverages the least affected and crude materials and fuels the most affected. On the positive side, trade tends to rebound very rapidly when the outlook brightens. The author also finds evidence that global downturns often lead to persistent improvements in the ratio of the trade balance to GDP in borrower countries.

Base year --- Currencies and Exchange Rates --- Debt --- Economic Theory and Research --- Elasticity --- Emerging Markets --- Exports --- Finance and Financial Sector Development --- Financial crises --- Financial crisis --- Forecasts --- Free Trade --- GDP --- Gross value --- Growth rate --- Income --- International Economics & Trade --- International trade --- Inventories --- Law and Development --- Macroeconomics and Economic Growth --- Middle income countries --- Private Sector Development --- Public Sector Development --- Real GDP --- Real income --- Tax revenues --- Trade balance --- Trade Law --- Trade Policy --- Trough --- Value added

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Like the robber barons of the 19th century Gilded Age, a new and proliferating crop of billionaires is driving rapid development and industrialization in poor countries. The accelerated industrial growth spurs economic prosperity for some, but it also widens the gap between the super rich and the rest of the population, especially the very poor. In Rich People Poor Countries, Caroline Freund identifies and analyzes nearly 700 emerging-market billionaires whose net worth adds up to more than $2 trillion. Freund finds that these titans of industry are propelling poor countries out of their small-scale production and agricultural past and into a future of multinational industry and service-based mega firms. And more often than not, the new billionaires are using their newfound acumen to navigate the globalized economy, without necessarily relying on political connections, inheritance, or privileged access to resources. This story of emerging-market billionaires and the global businesses they create dramatically illuminates the process of industrialization in the modern world economy.

E-books --- Nouveau riche --- Entrepreneurship --- Equality --- Income distribution --- Developing countries --- Economic conditions. --- Egalitarianism --- Inequality --- Social equality --- Social inequality --- Political science --- Sociology --- Democracy --- Liberty --- Entrepreneur --- Intrapreneur --- Capitalism --- Business incubators --- New-moneyed people --- New-monied people --- New rich people --- Newly rich people --- Nouveaux riches --- Rich people --- Income

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