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Technical Progress and the North–South Terms of Trade

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  • Prabirjit Sarkar

Abstract

In a classical world where prices of both northern manufactures and southern raw materials are determined by market demand and supply, technical progress in one region leads to a terms‐of‐trade improvement of the other region irrespective of whether technical progress is labor‐saving or raw‐material saving. But in a neo‐Kaleckian framework characterized by surplus capacity, and an effective demand problem in the North and a capacity constraint in the South, the terms of trade would turn against the South even if the North experienced a higher rate of technical progress than that of the South.

Suggested Citation

  • Prabirjit Sarkar, 2001. "Technical Progress and the North–South Terms of Trade," Review of Development Economics, Wiley Blackwell, vol. 5(3), pages 433-443, October.
    • Handle: RePEc:bla:rdevec:v:5:y:2001:i:3:p:433-443
    DOI: 10.1111/1467-9361.00134
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    Cited by:

    1. Fabrice Nzepang & Saturnin Bertrand Nguenda Anya, 2022. "Effects of ICTs on the Terms of Trade of Sub-Saharan African Economies," Journal of African Trade, Springer, vol. 9(1), pages 107-119, December.

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