Third comments on Mario Lamberte “Some positive consequences of the Global Economic Crisis”, 1/06/2009, http://www.eastasiaforum.org/2009/06/01/some-positive-consequences-of-the-global-economic-crisis/
I have just read the release of Australia's March 2009 GDP data by the Australian Bureau of Statistics (ABS). What I have found is a strong support of the role of trade in the economy. GDP rose by an unexpected 0.4% in the March quarter. Guess what? The largest contribution to that growth was from imports, by 1.6%, on quarterly basis.
What does that say? It suggests that trade can contribute to the economy positively even if during a severe global downturn - in fact a great global recession, although one should recognise that seemingly it is a zero sum. But most people understand that the benefit of trade is never to be a zero sum game - it goes much further than the seemingly zero sum and is an increasing game.
Isn't this amazing? For those who are wondering about and doubting the role of trade and exports in the face of the recession, they need to think again and hard. On that account do we really need any more new economic thinking or new development or growth paradigms?