Papers and Proceedings of the Fifth Pacific Trade and Development Conference: Structured adjustments in Asian Pacific trade

Abstract

The Fifth Pacific Trade and Development Conference was held in Tokyo from 9 to 13 January, 1973 to further the objectives of the Conference series. The first Conference in this series was held in Tokyo in January 1968; the second in Hawaii in January 1969; the third in Sydney in August 1970; and the fourth in Ottawa in October 1971. The Pacific Trade and Development studies are establishing their own influence upon trade and development policies in Pacific basin countries. This book contains the papers and proceedings of the Fifth Conference, discussion at which focussed on issues related to the development of a new world economic order and structural adjustment in Pacific trade.

In the coming year, a good many of the uncertainties in the international monetary and trading system that have now appeared are likely to continue. Planning a new order for the international economy, in which steady growth and adjustment is encouraged, deserves high priority.

Structural adjustment and adjustment assistance policies appear to be a basic pre-requisite to the monetary re-alignnents that now have to take place, as well as to continuing the trade liberalization that is essential to the dynamic expansion of Asian-Pacific trade anong developed and developing countries alike.

The book covers three broad subjects. The first part deals with "monetary re-alignments and trade adjustment in the world economy." Professor Hamy G. Johnson was expected to introduce the general issues involved in trade adjustment and monetary reform. Due to his illness this was not possible. Thus Mr. Royer and Professor Ishikawa introduced the problem as it affects the Asian-Pacific economies by analysing the impact of the enlarged European Community and China on this region's trade structure and trade growth.

The second part focusses on export growth in Asian developing countries--its role in developrnent and employment progranunes. One paper analyses overall problems of the entire developing world from the viewpoint of industrialization policy. Two other papers deal with areal trade and adjustment problems in East and Southeast Asia. Another paper looks at the Latin American economies. The economic development of developing countries depends very much upon their export growth, but this poses problems both of shifts in policies from import-substitution to export promotion, and determination of proper industrial priorities for export. In turn this depends, not just on comparative advantage but on foreign trade prospects and barriers. Thus there is an important interaction between development and trade policies in developing countries with trade policies and structural adjustments in developed countries. Past experience, future prospects and difficulties are explored.

The third part deals with adjustment assistance policies in developed countries: Japan, Australia, New Zealand, the United States and Canada. The future structure of world trade are drawn out by each writer in order to set the position of each country in perspective. Structural adjustments are required both to harmonize trade with advanced countries and to expand trade with developing countries. Adjustment assistance policies are required not only for contracting i nefficient sectors but also for developing efficient and export sectors. How overall unemployment can be cured is another problem which relates directly to the degree of flexibility and cost of adjustment programmes. Successful and unsuccessful experience of structural adjustments and structural adjustment policy is analyzed.

As indicated in the Surnnary by Professor Hugh Patrick and the Communique issued by the Confe rence, there was intensive discussion at the Conference, but some urgent policy priorities were agreed upon in the search for a new world economic order and the successful structural adjustment of Asian-Latin American- Pacific trade. Show more