Abstract
The demands for a New International Economic Order, expressed at the Sixth Special Assembly of the General Assembly of the United Nations in May 1974, represent the culmination of years of attack on the international trading system. That system, embodied in the principles and rules of the General Agreement on Tariffs and Trade (GATT) and the IMF, aims at progress towards free international trade. Since its inception at Bretton Woods in 1944, this system has seen enormous progress towards liberalisation of trade and finance, but progress has been concentrated on manufactured products mainly produced in the industrialised nations. No comparable progress has been made in either agricultural trade or trade in manufactures of special interest to developing countries.
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Notes
Myint, Economic Theory and the Underdeveloped Countries (London: Oxford University Press, 1971) p. 180.
Paul Samuelson, ‘The Gains From International Trade’, Canadian Journal of Economic and Political Science, 1939, and ‘The Gains From International Trade Once Again’, Economic Journal, 1962. Reprinted in Bhagwati (ed.), International Trade (Harmondsworth: Penguin, 1969).
See, for example, Kindleberger, The Terms of Trade: a European Case Study (New York: John Wiley, 1956);
and R. E. Lipsey, Price and Quantity Trends in the Foreign Trade of the United States (Princeton: Princeton University Press, 1963)
B. de Vries, The Export Experience of Developing Countries (Washington: International Bank for Reconstruction and Development, 1967):
Richard Porter, ‘Some Implications of Post-War Primary Product Trends’, Journal of Political Economy, May–June 1970;
See also Thomas Wilson, R. P. Sinha and J. R. Castreet. ‘The Income Terms of Trade of Developed and Developing Countries’, Economic Journal December 1969;
and Irving B. Kravis, ‘Trade as a Handmaiden of Growth’, Economic Journal, 1970.
MacBean, Export Instability and Economic Development, op. cit.: ch. 12 considers the main arguments for and against international commodity arrangements to combat export fluctuations. See also M. Radetzki, International Commodity Market Arrangements (London: Hurst, 1970).
Pincus, Economic Aid and International Cost Sharing (Baltimore: Johns Hopkins, 1965) ch. 6.
Hugh Corbet, Raw Materials: Beyond the Rhetoric of Commodity Power, International Issues No. 1 (London: Trade Policy Research Centre, 1975) p. 25.
G. K. Helleiner, International Trade and Economic Development (Harmondsworth: Penguin, 1972) p. 66.
See also Chenery and Helen Hughes, ‘Industrialisation and Trade Trends: Some Issues for the 1970’s’, in Hughes (ed.), Prospects for Partnership (Baltimore: Johns Hopkins Press, for the International Bank for Reconstruction and Development, 1973).
David Wall, ‘Opportunities for Developing Countries’, in H. G. Johnson (ed.), Trade Strategy for Rich and Poor Nations (London: Allen & Unwin, for the Trade Policy Research Centre, 1971) p. 36.
Ingo Walter, ‘Non-tariff barriers and the export performance of developing countries’, American Economic Review (Papers and Proceedings), May 1971.
See Little, Scitovsky and Scott, op. cit., and the various studies in the series edited by them. See also Bhagwati and Anne Krueger, ‘Exchange Control, Liberalisation and Economic Development’, American Economic Review (Papers and Proceedings), May 1973;
and Bela Balassa et al., The Structure of Protection in Developing Countries (Baltimore: Johns Hopkins Press, 1971).
Staffan B. Linder, Trade and Trade Policy for Development (New York: Praeger, 1967) p. 27.
Helleiner, ‘Manufactured Exports from Less Developed Countries and Multinational Firms’, Economic Journal, March 1973.
A much fuller account of export prospects is given in MacBean ‘Trade Prospects for Developing Countries after the Rise in Oil Prices’, in T. M. Rybczynski (ed.), The Economics of the Oil Crisis (London: Macmillan, for the Trade Policy Research Centre, 1976).
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© 1976 Alasdair I. MacBean, V. N. Balasubramanyam and the Trade Policy Research Centre
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MacBean, A.I., Balasubramanyam, V.N. (1976). Challenge of Trade and a New International Economic Order. In: Meeting the Third World Challenge. World Economics Issues series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-01962-5_7
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DOI: https://doi.org/10.1007/978-1-349-01962-5_7
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