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The Evolution of the Pattern of Exchange in Developing Countries

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  • Thorbecke, Erik
  • Mehra, Rimjhim

Abstract

As countries undergo a structural transformation from a traditional, almost exclusively, agrarian society to a modern, industrial and service-oriented economy, the whole exchange process gets drastically modified. The conceptual framework that is used in this study relies on the concept of exchange configurations. An exchange configuration is the setting within which an exchange transaction occurs. The building blocks of a configuration are the specific characteristics of 1) the item being traded; 2) the actors; and 3) the environment in which the actors operate. Section II examines the secular 6volution in the pattern of exchange. It reviews and synthesizes the relevant literature dealing with the secular transformation in the exchange process. In section III, the configuration approach is used to analyze the relationship between the structural transformation that takes place during the process of economic development and the evolution of exchange relations. Three distinct and broad phases of exchange relations are identified: an early, a middle and a mature development phase. The final section applies the phase framework to the specific case of SubSaharan Africa. The impact of different exogenous forces on the evolution of exchange relations (e.g. colonization, state policies and reforms after independence, population growth, and structural adjustment) is analyzed in some detail.

Suggested Citation

  • Thorbecke, Erik & Mehra, Rimjhim, 1994. "The Evolution of the Pattern of Exchange in Developing Countries," Institute for Policy Reform Working Paper Series 294841, Institute for Policy Reform.
    • Handle: RePEc:ags:iprwps:294841
    DOI: 10.22004/ag.econ.294841
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    References listed on IDEAS

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