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Terms of Trade and Economic Development

In: Economic Development for Latin America

Author

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  • Gottfried Haberler

    (Harvard University)

Abstract

The present essay tries to elucidate various connections between the terms of trade and economic development. It utilizes existing statistical and other factual material, but it does not present any new empirical facts nor does it contain new computations. The paper is, to a large extent, critical and polemical. That is to say, it tries to disprove certain widely held notions, historical generalizations, as well as policy conclusions which have been derived from such generalizations. No originality is claimed for these critical analyses, but no apologies are offered either. It is hoped that a systematic stocktaking of existing facts and arguments may clear the air and lead to useful results. In the first section, I discuss some general propositions of international trade theory concerning the terms of trade in their relation to economic welfare. In the succeeding sections, some applications of these propositions to the problems of economic development are made.

Suggested Citation

  • Gottfried Haberler, 1961. "Terms of Trade and Economic Development," International Economic Association Series, in: Howard S. Ellis (ed.), Economic Development for Latin America, chapter 0, pages 275-307, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08449-4_10
    DOI: 10.1007/978-1-349-08449-4_10
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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. Michelitsch, Roland, 1996. "Market power, inelastic income elasticity of demand, and terms of trade," UC3M Working papers. Economics 6013, Universidad Carlos III de Madrid. Departamento de Economía.
    3. Appleyard, Dennis R, 2006. "The Terms of Trade between the United Kingdom and British India, 1858-1947," Economic Development and Cultural Change, University of Chicago Press, vol. 54(3), pages 635-654, April.
    4. 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.
    5. Ana Maria Bianchi & Cleofas Salviano, 1999. "Raúl Prebisch and the beginnings of the Latin American school of economics: a rhetorical perspective," Journal of Economic Methodology, Taylor & Francis Journals, vol. 6(3), pages 423-438.

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