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World Trade in Agricultural Commodities and the Terms of Trade with Industrial Goods

In: Agricultural Policy in Developing Countries

Author

Listed:
  • Paul Streeten

    (Queen Elizabeth House)

Abstract

It is now more than twenty years since Prebisch, Singer and Myrdal announced the thesis that the poverty of the poor countries is largely the result of bad and worsening terms of trade between their primary exports and their manufactured imports. The remedy recommended by these authors was liberation from dependence on primary and especially agricultural exports through import-substituting industrialisation behind protective barriers. The idea appealed to the newly independent governments whose ideology inspired them to do the opposite to what the colonial powers had done. Colonialism meant primary production (mines and plantations) and exports: so independence came to stand for secondary or manufacturing production and import substitution. Table 8.1 shows the four options.

Suggested Citation

  • Paul Streeten, 1974. "World Trade in Agricultural Commodities and the Terms of Trade with Industrial Goods," International Economic Association Series, in: Nurul Islam (ed.), Agricultural Policy in Developing Countries, chapter 8, pages 207-223, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-63663-1_8
    DOI: 10.1007/978-1-349-63663-1_8
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    Citations

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    Cited by:

    1. Prabirjit Sarkar, 2001. "The North-South terms of trade debate: a re-examination," Progress in Development Studies, , vol. 1(4), pages 309-327, October.
    2. Hadass, Yael S & Williamson, Jeffrey G, 2003. "Terms-of-Trade Shocks and Economic Performance, 1870-1940: Prebisch and Singer Revisited," Economic Development and Cultural Change, University of Chicago Press, vol. 51(3), pages 629-656, April.
    3. Shouvik Chakraborty & Prabirjit Sarkar, 2020. "From The Classical Economists To Empiricists: A Review Of The Terms Of Trade Controversy," Journal of Economic Surveys, Wiley Blackwell, vol. 34(5), pages 1111-1133, December.

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