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.
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Notes
Richard Pohle, Deutschland am Scheidewege (Jena, 1902).
Adolf Wagner, Agrar und Industriestaat (Jena, 1902).
Kenneth Boulding, Economic Analysis (New York, 1941), p. 778 ff.
W. A. Lewis, Economic Survey, 1919–1939 (London, 1949), p. 181 ff.
T. W. Schultz, Agriculture in an Unstable Economy (New York, 1945), p. 44.
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© 1961 International Economic Association
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Haberler, G. (1961). Terms of Trade and Economic Development. In: Ellis, H.S. (eds) Economic Development for Latin America. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-08449-4_10
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DOI: https://doi.org/10.1007/978-1-349-08449-4_10
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-08451-7
Online ISBN: 978-1-349-08449-4
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