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When a country experiences economic growth, its capacity increases, i.e., its production of exportable and importable increases, so growth is not immiserizing. However, many countries did become poorer after growth. To explain that, Bhagwati (1958) manipulated the terms of trade, aiming for a scenario of lower terms of trade, ultimately leading to his immiserizing conclusion. This book proves that his subsequent increase in supply and decrease in demand of the importable result inevitably in a lower import price, to revoke his manipulation and thus conclusion. Bhagwati was betrayed by his own manipulation because he had used the wrong tools.
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