New developments in trade theory and LDCs

Ocampo, JoséAntonio

doi:10.1016/0304-3878(86)90054-4

Cited by 57 publications

(18 citation statements)

References 43 publications

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“…The best formulation came in the early 1980s in the «North-South» models developed by Findlay (1980 and1981) and Taylor (1983, Ch. 10; for a comparison of these and other models, see Ocampo (1986)). In both cases, the North determines the pace of the world economic growth and the South adapts to that pace.…”

Section: The P-s Hypothesismentioning

confidence: 99%

“…If there are restrictions on migration of this surplus labor to industrialized nations, and if it cannot be used in the production of manufactures in the periphery itself, due to the obstacles hindering late industrialization (particularly low technological capabilities and limited availability of capital), labor surpluses would lead to a decline in the wages of developing country workers vs. those of industrial countries and, hence, in the terms of trade of the first group of countries 2 . The history of the debate on the developing countries' terms of trade can largely be written in terms of the extension of these two seminal variants of the P-S hypothesis (see Ocampo 1986 and. The neoclassical and Keynesian literature of the 1950s and 1960s focused on the implications of different demand elasticities.…”

Section: The P-s Hypothesismentioning

confidence: 99%

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The terms of trade for commodities since the mid-19^thcentury

Ocampo¹,

Parra-Lancourt²

2010

RHE / JILAEH

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This paper shows that there was an improvement in the barter terms of trade for non-fuel commodities vs. manufactures in the late 19 th and early 20 th centuries, followed by significant deterioration over the rest of the 20 th century. However, the decline over most of the 20 th century was neither continuous nor was it distributed evenly among different commodity groups. The far-reaching changes that the world economy underwent around 1920 and again around 1979 led to a stepwise deterioration which, over the long term, was reflected in roughly a halving of real commodity prices. Tropical agriculture fared the worst, whereas minerals had the best performance, with non-tropical agriculture in an intermediate situation. RESUMENEste ensayo muestra que hubo una mejoría en los términos de intercambio de trueque de los productos bá sicos a fines del siglo XIX y comienzos del XX, seguido por un deterioro significativo en el resto del siglo XX. Sin embargo, el deterioro durante la mayor parte del siglo XX no fue continuo ni se distribuyó en forma homogénea en diferentes grupos de productos. Los cambios de largo alcance que experimentó la economía mundial en torno a 1920 y nuevamente a 1979 se reflejaron en una caída escalonada, que a largo plazo redujo los precios reales de productos bá sicos aproximadamente a la mitad. La agricultura tropical experimentó el peor desempeñ o y la minería el mejor, con la agricultura no tropical en una situació n intermedia. El incremento de los precios que se experimentó en la primera década del siglo XXI puede ser el inicio de una nueva fase de alza de larga duració n, pero es demasiado temprano para saberlo.Palabras clave: Productos bá sicos, términos de intercambio, hipó tesis de Prebisch-Singer, cambios estructurales

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Section: The P-s Hypothesismentioning

confidence: 99%

Section: The P-s Hypothesismentioning

confidence: 99%

The terms of trade for commodities since the mid-19^thcentury

Ocampo¹,

Parra-Lancourt²

2010

RHE / JILAEH

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“…According to these theories, trade brings growth for the industrialized countries with little or no gain at all for the developing countries. Some studies [Ocampo, 1986;Ocampo and Taylor, 1998] have also expressed their concerns on the ground that in return to the 'modest' benefit of liberalization; a country may have to pay a higher price in terms of slow productivity growth, worsening income distribution, and likely de-industrialization. According to Deraniyagala and Fine (2001), import liberalization strategy is less attractive for export expansion to generate positive influence on growth.…”

Section: Literature Reviewmentioning

confidence: 99%

The Effect of Export-Led Growth Strategy on the Ethiopian Economy

Allaro¹

2012

ECONOMICS

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“…While productivity improvement in either region reduces its barter terms of trade, it is likely to raise the double 46 The double factoral terms refer to the ratio of per capita (strictly, per worker) incomes in the two regions. 47 On North-South models of unequal exchange and development, see Ocampo (1986), Evans (1988) and Dutt (1990). Much ink has been spilt over the measurement and interpretation of statistical trends in the terms of trade of primary goods relative to secondary goods (or of LDCs relative to the highincome countries).…”

Section: Accumulation and Structural Changementioning

confidence: 99%

Development in A Time of Globalization

Rao

2003

SSRN Journal

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The paper examines grounds on which a `second opinion' to the Washington Consensus may be constructed using data for a sample of 123 rich and poor nations for the period from 1960 to 1995. The historical record makes abundantly clear that international inequality has increased not only over the long haul of the past two centuries but also in recent decades. Unequal development derives mainly from economic and political-economic forces internal to nations. Unregulated global market forces mostly follow this process rather than countering it. At the same time, the fragile internal development process is vulnerable to the disruptive forces of unrestricted openness. To be sure, access to global markets can be a powerful factor in development. But development success has hinged on selective and phased integration with world markets. This understanding clearly goes against the prevailing view that the growth benefits from globalization far outweigh the costs and that the main task for developing countries is to eliminate all impediments in the way of integrating their domestic economies with global trade and financial flows.It is not only economic growth as it relates to globalization that is at issue. The historical record also shows that the wealth of nations alone fails to account for variations in the levels of national poverty and inequality. Hence, we must also be concerned about whether increasing globalization restructures incentives in a direction that is conducive to reducing inequality and poverty. Apart from the purely economic mechanisms, this concern must extend also to the capacities for public action that globalization might weaken. The paper is animated by the belief that given the continuing primacy of the nation state, a modicum of national policy autonomy is vital to a politically sustainable economy, particularly in redressing endemic problems of poverty and inequality.

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New developments in trade theory and LDCs

Cited by 57 publications

References 43 publications

The terms of trade for commodities since the mid-19^thcentury

The terms of trade for commodities since the mid-19^thcentury

The Effect of Export-Led Growth Strategy on the Ethiopian Economy

Development in A Time of Globalization

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New developments in trade theory and LDCs

Cited by 57 publications

References 43 publications

The terms of trade for commodities since the mid-19thcentury

The terms of trade for commodities since the mid-19thcentury

The Effect of Export-Led Growth Strategy on the Ethiopian Economy

Development in A Time of Globalization

Contact Info

Product

Resources

About

The terms of trade for commodities since the mid-19^thcentury

The terms of trade for commodities since the mid-19^thcentury