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Abstract

This paper constructs an alternative model of North-South trade to the controversial one of Chichilnisky for purposes of demonstrating that export-led growth can be immiserizing for the South even when the source of export growth is an increase in the North's demand for the South's export. The model relies on a dualistic labor market, a relatively substantial urban unemployment rate and a Harris-Todaro migration function which serves as an adjustment mechanism additional to that of the terms of trade. Since the dualistic labor market constitutes a distortion, the model represents another special case of Bhagwati's "general theory of immiserizing growth".

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