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Latin America and the Exportation of Agricultural Resources

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  • Piñeiro, Martín
  • Bianchi, Eduardo

Abstract

The debate on development strategies in Latin America has been strongly influenced by two concepts in the literature of economics: first, by the hypothesis that a rich natural resource endowment can negatively affect development (“the natural resource curse”), and second, the empirical evidence pointing to a constant decline in the agricultural terms of trade. A look at the literature suggests that the “natural resource curse” hypothesis does not hold water and that, on the contrary, with sound policies for the use of the economic surplus, natural resources are indeed associated with development. Recent empirical evidence and an evaluation of the structural conditions of world agriculture suggest that prices of the main agricultural goods will remain high, thus ensuring favorable terms of trade for net food exporting countries. Latin America has an extraordinary agricultural natural resource endowment. If this is to be effectively exploited, it is necessary to elaborate new development strategies and innovative trade policies that will enable the region to insert itself effectively in international trade and attain to a productive structure with more added value. Last, it is also necessary to have fiscal and social policies in place that distribute any benefits and help to build a balanced economic structure.

Suggested Citation

  • Piñeiro, Martín & Bianchi, Eduardo, 2012. "Latin America and the Exportation of Agricultural Resources," Revista Integración y Comercio (Integration and Trade Journal), Inter-American Development Bank, INTAL, vol. 35(16), pages 35-43.
  • Handle: RePEc:idb:intala:jou:integandcom:v:35:y:2012:i:16:p:35-43
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    More about this item

    Keywords

    EXPORTACIONES; COMERCIO AGRICOLA; PRODUCTIVIDAD; DISTRIBUCION DEL INGRESO; EQUIDAD; POLITICA AGROPECUARIA; POLITICA DE DESARROLLO; SEGURIDAD ALIMENTARIA; PRODUCTOS AGROPECUARIOS; PRECIOS; COMERCIO INTERNACIONAL; COMMODITIES;

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • F1 - International Economics - - Trade
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness
    • Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade
    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy

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