51:
610:
in favour of the 'investing' (i.e., developed) countries. However, Prebisch specifically deals with the economic cycle and highlights to a greater extent than Singer the reasons for the different behaviour of wages in developed and underdeveloped countries, and received much greater recognition for his work, in part because of efforts by industrialized countries like the United States to distance themselves from his work.
609:
Therefore, the statistical argument about the long-term trend in terms of trade of underdeveloped countries must be attributed to Singer. However, both seem to have independently invented similar explanations, stressing that the terms of trade moved against the 'borrowing' (i.e., underdeveloped) and
536:
Singer and
Prebisch noticed a similar statistical pattern in long-run historical data on relative prices, but such regularity is consistent with a number of different explanations and policy stances. Later in his career, Prebisch argued that, due to the declining terms of trade primary producers
528:
interpretation of the international order which faults differences in power relations between 'core' and 'periphery' states as the chief cause for economic and political inequality (However, the
Prebisch-Singer thesis also works with different bargaining positions of labour in developed and
547:. For this reason, much of the recent research focuses less on the relative prices of primary products and manufactured goods, and more on the relationship between the prices of simple manufactures produced by developing countries and of complex manufactures produced by advanced economies.
566:
sector could imply. They are warned to remember that the outlook for commodity prices is not favourable and that windfalls will tend to be temporary, with the subsequent relapse likely to be greater than the temporary windfall. This is exactly the warning which the PST would give.
594:, published a paper titled "Post-war Price Relations between Under-developed and Industrialized Countries", which suggested that the terms of trade of underdeveloped countries had declined significantly between 1876 and 1948. Inspired by this,
529:
developing countries). As a result, the hypothesis enjoyed a high degree of popularity in the 1960s and 1970s with neo-Marxist developmental economists and even provided a justification for an expansion of the role of the commodity
599:
543:
The hypothesis has lost some of its relevance in the last 30 years, as exports of simple manufactures have overtaken exports of primary commodities in most developing countries outside of
582:
Prebisch's lectures from 1945 to 1949 revealed the development of the theoretical strands of his argument. What he did not have was a statistical argument. In
February 1949,
520:
This theory implies that the very structure of the global market is responsible for the persistent inequality within the world system. This provides an interesting twist on
510:
than primary products, especially food. Therefore, as incomes rise, the demand for manufactured goods increases more rapidly than demand for primary products.
442:
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to developing countries. They are warned to be prudent even when export prices are temporarily favourable and to guard against currency overvaluation and
882:
639:
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of primary-product-based economies to deteriorate. As of 2013, recent statistical studies have given support for the idea. The idea was developed by
337:
562:, with all the unfavourable impact on the rest of the economy and all the dangers of macroeconomic instability which a sudden boom in a major
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face, developing countries should strive to diversify their economies and lessen dependence on primary commodity exports by developing their
772:
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17:
435:
875:
706:
495:
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909:
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One indication of this is that the PST is now incorporated, both implicitly and explicitly, in the advice given by the
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309:
670:"Testing the Prebisch-Singer hypothesis since 1650: evidence from panel techniques that allow for multiple breaks"
143:
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817:
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Trade and
Development Report Chapter 3: Evolution of the Terms of Trade and its Impact on Developing Countries
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34:
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42:
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231:
128:
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Joseph L. Love (1980). "Raul
Prebisch and the Origins of the Doctrine of Unequal Exchange".
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A common explanation for this supposed phenomenon is that manufactured goods have a greater
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Bibi, Samuele (2024). Prebisch and the terms of trade. Resources Policy, 90, 104813.
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Bibi, Samuele (2024). Prebisch and the terms of trade. Resources Policy, 90, 104813.
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517:, so a decline in their prices tends to reduce revenue rather than increase it.
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David I. Harvey; Neil M. Kellard; Jakob B. Madsen; Mark E. Wohar (April 2010).
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In 1998, Singer argued that the thesis he pioneered has joined the mainstream:
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United
Nations Economic Commission for Latin America and the Caribbeans
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in the late 1940s; since that time, it has served as a major pillar of
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Rabah Arezki; Kaddour Hadri; Prakash
Loungani; Yao Rao (August 2013).
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236:
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Recent statistical research has given the idea qualified support.
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The Terms of Trade Fifty Years Later - Convergence and
Divergence
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563:
544:
818:"The origins and interpretation of the Prebisch-Singer thesis"
702:"The Prebisch–Singer hypothesis: four centuries of evidence"
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The Terms of Trade for
Commodities in the Twentieth Century
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presented a paper of his own discussing the decline at the
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883:United Nations Conference on Trade and Development
640:United Nations Conference on Trade and Development
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761:https://doi.org/10.1016/J.RESOURPOL.2024.104813
749:https://doi.org/10.1016/J.RESOURPOL.2024.104813
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588:United Nations Department of Economic Affairs
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324:Imperialism, the Highest Stage of Capitalism
771:Singer, Hans (1998) The South Letter (30) "
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513:In addition, primary products have a low
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707:The Review of Economics and Statistics
496:import substitution industrialization
478:over the long term, which causes the
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24:
873:, and Parra, María Angela. (2003)
474:declines relative to the price of
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399:Primitive accumulation of capital
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310:How Europe Underdeveloped Africa
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144:Uneven and combined development
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787:Latin American Economic Review
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753:
741:
13:
1:
651:
379:Global North and Global South
124:Ecologically unequal exchange
823:History of Political Economy
7:
677:International Monetary Fund
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533:as a tool for development.
508:income elasticity of demand
467:) argues that the price of
296:The Accumulation of Capital
10:
931:
910:International trade theory
602:second annual meeting, in
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556:Bretton Woods Institutions
515:price elasticity of demand
461:Prebisch–Singer hypothesis
394:Prebisch–Singer hypothesis
836:10.1215/00182702-35-3-437
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720:10.1162/rest.2010.12184
635:Structuralist economics
625:Developmental economics
374:Illicit financial flows
586:, then working in the
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539:manufacturing industry
465:Prebisch–Singer thesis
18:Singer–Prebisch thesis
905:Development economics
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494:and policies such as
232:Mirsaid Sultan-Galiev
871:Ocampo, José Antonio
369:Economic development
277:Immanuel Wallerstein
106:World-systems theory
915:Imperialism studies
197:John Bellamy Foster
96:Three Worlds Theory
43:Imperialism studies
27:Economic hypothesis
476:manufactured goods
202:Andre Gunder Frank
177:Charles Bettelheim
86:Social imperialism
492:dependency theory
463:(also called the
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452:
384:Lumpenbourgeoisie
345:Naked Imperialism
212:Rudolf Hilferding
129:North–South model
101:Ultra-imperialism
91:Super-imperialism
66:Dependency theory
16:(Redirected from
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192:Arghiri Emmanuel
187:Nikolai Bukharin
167:Giovanni Arrighi
134:Unequal exchange
76:Neo-Gramscianism
71:Intercommunalism
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830:(3): 437–467.
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793:(3): 45–72.
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272:Leon Trotsky
222:J. A. Hobson
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812:John Toye;
630:Group of 77
584:Hans Singer
526:neo-Marxist
522:Wallerstein
488:Hans Singer
472:commodities
389:Neo-Marxism
317:Imperialism
267:Paul Sweezy
217:Peter Gowan
182:Ľuboš Blaha
139:Superprofit
899:Categories
733:30 October
682:30 October
652:References
162:Samir Amin
457:economics
338:Multitude
854:28151403
816:(2003).
728:57569448
642:(UNCTAD)
614:See also
417:Category
237:Li Minqi
118:Concepts
60:Theories
35:a series
33:Part of
885:(2005)
799:2502991
578:History
498:(ISI).
469:primary
358:Related
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604:Havana
564:export
545:Africa
502:Theory
459:, the
303:Empire
156:People
850:S2CID
795:JSTOR
724:S2CID
673:(PDF)
289:Works
37:about
735:2014
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
