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This study aims to motivate the reality that experiential investigation of immiserizing growth has not been performed at large. The key objective of the study is to analyse the empirical existence of immiserizing growth in the real world.

Theory of revealed preferences has been implemented for welfare movement by using Laspeyres and Paasche quantity index and for empirical estimations, logistic regression has been applied. The study established panel data of the world’s largest trading nations, including the USA, China, France, Germany, UK, Italy, Japan, the Netherland and Canada. Annual time series data for an extensive time period covering from 1981 till 2017 have been used.

Findings of the Laspeyres and Paasche index reveal that out of nine countries immiserizing growth prevails in five nations and those are Italy, Canada, the Netherland, UK and Japan. The results of panel logistic regression verify the significance of terms of trade on immiserizing growth in all included countries. Separate logistic regression has also been performed on all the five countries from which Italy, Canada, the Netherland exhibit significant results.

This study is a pioneer attempt towards the concept of immiserizing growth. Considering the fact that immiserizing growth is viewed by the majority of the scholars as a theoretical notion, this study attempts to investigate analytically the existence of immiserizing growth with real data set. The impact of terms of trade deterioration on the welfare of the world’s largest trading nations has been focused on the research which is in compliance with the concept of Bhagwati (1958).

Immiserizing growth is impossible when the growing country follows nationally optimal policies and the growth stimulates no foreign reaction. However, this solution may leave other nations with sub‐optimal policies, and it may lead to a global misallocation of resources. It is demonstrated that immiserising growth caused by a deterioration in the term of trade is possible when globally optimal policy rules are followed. Both weak global optimality, where all nations follow nationally optimal policies, and strong global optimality, where an efficient world allocation of resources is maintained, are examined. However, when the terms of trade are not determined by market power, for instance under discriminatory pricing or by bilateral negotiation, immiserising growth is unlikely.

Immiserising growth is a phenomenon whereby an increase in the productive capacity of an economy — due to growth in factor endowments or technological progress — results in a reduction in social welfare.

To highlight the key‐role of macroeconomic management in a dysfunctional emerging market economy.

The analysis – focused on the particular case of Romania, where the transition to market economy is underway – relies on two basic hypotheses. According to the former, the reform programs implemented during the 1990s failed to take into account some fundamental correlations such as the one between reform measures and the real state of the economy (more specifically, the presence or absence of distortions). Another important correlation must exist between various types of macroeconomic policies, whether designed to trigger changes in the real economy (e.g. transfer of ownership, etc.) or aimed at securing macro‐stabilization. According to the latter hypothesis, overlooking such correlations will jeopardize both macroeconomic equilibrium and the soundness of future growth.

The data illustrating the evolution of Romania's economy during 1995‐2003 confirm the aforementioned hypotheses. Although the economy started growing at a fairly‐high rate after 1999, growth has been mostly immiserizing and hardly sustainable since. This outcome can be illustrated by using well‐known models such as Bhagwati's generalized theory of distortions and welfare and Mundell's approach of macroeconomic policies under imperfect capital mobility.

The use of the “immiserizing growth” concept in depicting Romania's economic evolution after 2000 is most likely an element of originality. The paper might be valuable for emphasizing the imperfections of the Romanian “government‐central bank” tandem.

The purpose of this study is to investigate the first time ever the effects of overall terms of trade, bilateral terms of trade and main commodity groups’ terms of trade on economic growth.

Augmented Dickey Duller and Philips Perron unit root tests and Johensan cointegration test have been applied by using annual time series data from 1974 to 2017. Dynamic ordinary least square and fully modified ordinary least square have also been used to perform sensitivity analysis.

The cointegration test confirm the positive long-run relationship between overall terms of trade (ToT) and economic growth. Country-wise results show that ToT with Australia, Bangladesh, Canada, Hong Kong, Japan, Kuwait, Malaysia, Singapore, Sri Lanka, UK and the USA have significant positive effect on economic growth. Conversely, ToT with China and UAE has significant negative effect on economic growth. In contrast, ToT with India, Norway, Saudi Arabia and Switzerland has insignificant effect on the economic growth of Pakistan. Product-wise results indicate that the product group namely, Chemical, Crude Material inedible except fuels, Manufactured and Minerals fuels and Lubricant found to be a significant positive effect on economic growth. However, Beverages and Tobacco, and Machinery and Transport product groups found to be significant negative impact on economic, while Food and Live animals found to be insignificant.

In general, it is suggested that the beneficial terms of trade are favorable for economic growth. The study suggested export promotion policy for which relationship between ToT and economic growth found positive and import substitution policy is suggested the products found a negative relationship between the said variables.

This paper is a pioneer attempt to investigate the effect of overall ToT, bilateral terms of trade and the main commodity group’s ToT on economic growth in Pakistan.

The paper seeks to review the literature on CSR in industrial clusters in developing countries, identifying the main strengths, weaknesses, and gaps in this literature, pointing to future research directions and policy implications in the area of CSR and industrial cluster development.

A literature review is conducted of both academic and policy‐oriented writings that contain the keywords “industrial clusters” and “developing countries” in combination with one or more of the following terms: corporate social responsibility, environmental management, labor standards, child labor, climate change, social upgrading, and environmental upgrading. The authors examine the key themes in this literature, identify the main gaps, and point to areas where future work in this area could usefully be undertaken. Feedback has been sought from some of the leading authors in this field and their comments incorporated in the final version submitted to Corporate Governance.

The article traces the origins of the debate on industrial clusters and CSR in developing countries back to the early 1990s when clusters began to be seen as an important vehicle for local economic development in the South. At the turn of the millennium the industrial cluster debate expanded as clusters were perceived as a potential source of poverty reduction, while their role in promoting CSR among small and medium‐sized enterprises began to take shape from 2006 onwards. At present, there is still very little conceptual and empirical work that systematically investigates the linkages between industrial clusters and CSR in developing country contexts. Hence, the authors recommend that future work in this area should focus on conceptually developing and empirically testing “cluster and CSR” impact assessment methodologies in Asia, Africa, and Latin America. This will provide insights into whether joint CSR interventions in clusters bring about their intended consequences of improving economic, social, and environmental conditions in the South.

This article is likely to be the first systematic review of the literature on industrial clusters and CSR in developing countries.

This chapter examines the impact of urban development through the government provision of public inputs in a developing economy. When a financing constraint is taken into account, an increase in public inputs may worsen urban unemployment and hence reduce welfare of the economy. Further, the optimal level of public-input provision is larger (smaller) than that under full employment, if there exits a positive (negative) employment effect. The theoretical results are confirmed by numerical simulations.

Recent studies on the welfare implications of internationally mobile capital for a country employing commercial policy have been restricted to constant‐returns‐to‐scale (CRS) production models. It is generally concluded that the pursuit of such policies is welfare‐decreasing under CRS conditions. The analysis to encompass variable‐returns‐to‐scale (VRS) is generalised and it is shown that there is an optimal (second best) combination of import tariff and foreign capital subsidy that will not be “immiserising” for an increasing‐returns‐to‐scale (IRS) industry.