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- W150384231 abstract "The terms of trade between manufactures and primary commodities have been a major topic of research at least since the inter— war period. Keynes’s worries regarding the instability of commodity prices (see his collected works, Vol. XXVII) were supplemented, in the post—Second World War concern with development, with worries about a secular decline in the purchasing power of commodities vis—a—vis manufactures. The classic work here is of course that of Prebisch (1950) and Singer (1950), but the debate about trends in these terms of trade is as lively as ever (see, for example, Spraos (1980)). In the 1970s the case for a New International Economic Order saw the manufactures/ commodities terms of trade problem as being a problem of the North-South terms of trade (Brandt (1980)). But the oil price shocks of the mid and late 1970s, after the initial euphoria about ‘commodity power’ had subsided, forced a distinction between the oil producers and the (poorer) countries of the world selling other commodities. The ‘South’ is of course defined to exclude the oil rich countries, and is seen as having suffered particularly badly from the oil price hikes. A new dimension is thus added to the determination of the North—South terms of trade — the price of oil. The recent dramatic falls in the price of oil further emphasise the need for such an analysis." @default.
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- W150384231 date "1988-01-01" @default.
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- W150384231 title "Oil and the North-South Terms of Trade" @default.
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- W150384231 doi "https://doi.org/10.1007/978-94-009-1167-3_11" @default.
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