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Challenge of Trade and a New International Economic Order

  • Alasdair I. MacBean
  • V. N. Balasubramanyam
Part of the World Economics Issues series book series (WEI)

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.

Keywords

Much Favoured Nation Manufacture Export International Economic Order Primary Commodity Commodity Agreement 
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Notes

  1. 4.
    Myint, Economic Theory and the Underdeveloped Countries (London: Oxford University Press, 1971) p. 180.Google Scholar
  2. 5.
    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).Google Scholar
  3. 6.
    See, for example, Kindleberger, The Terms of Trade: a European Case Study (New York: John Wiley, 1956);Google Scholar
  4. and R. E. Lipsey, Price and Quantity Trends in the Foreign Trade of the United States (Princeton: Princeton University Press, 1963)Google Scholar
  5. 8.
    B. de Vries, The Export Experience of Developing Countries (Washington: International Bank for Reconstruction and Development, 1967):Google Scholar
  6. Richard Porter, ‘Some Implications of Post-War Primary Product Trends’, Journal of Political Economy, May–June 1970;Google Scholar
  7. 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;Google Scholar
  8. and Irving B. Kravis, ‘Trade as a Handmaiden of Growth’, Economic Journal, 1970.Google Scholar
  9. 13.
    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).Google Scholar
  10. 15.
    Pincus, Economic Aid and International Cost Sharing (Baltimore: Johns Hopkins, 1965) ch. 6.Google Scholar
  11. 16.
    Hugh Corbet, Raw Materials: Beyond the Rhetoric of Commodity Power, International Issues No. 1 (London: Trade Policy Research Centre, 1975) p. 25.Google Scholar
  12. 20.
    G. K. Helleiner, International Trade and Economic Development (Harmondsworth: Penguin, 1972) p. 66.Google Scholar
  13. 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).Google Scholar
  14. 24.
    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.Google Scholar
  15. 25.
    Ingo Walter, ‘Non-tariff barriers and the export performance of developing countries’, American Economic Review (Papers and Proceedings), May 1971.Google Scholar
  16. 26.
    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;Google Scholar
  17. and Bela Balassa et al., The Structure of Protection in Developing Countries (Baltimore: Johns Hopkins Press, 1971).Google Scholar
  18. 30.
    Staffan B. Linder, Trade and Trade Policy for Development (New York: Praeger, 1967) p. 27.Google Scholar
  19. 34.
    Helleiner, ‘Manufactured Exports from Less Developed Countries and Multinational Firms’, Economic Journal, March 1973.Google Scholar
  20. 39.
    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).Google Scholar

Copyright information

© Alasdair I. MacBean, V. N. Balasubramanyam and the Trade Policy Research Centre 1976

Authors and Affiliations

  • Alasdair I. MacBean
    • 1
  • V. N. Balasubramanyam
    • 1
  1. 1.University of LancasterUK

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