The terms of trade debate and the policy implications for primary product producers |
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Authors: | John E. Tilton |
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Affiliation: | 1. Colorado School of Mines, Division of Economics and Business, Golden, CO 80401, United States;2. Pontificia Universidad Católica de Chile, School of Engineering, Department of Mining Engineering, Santiago, Chile |
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Abstract: | The terms of trade debate initiated by Raul Prebisch and Hans Singer over 60 years ago continues to this day and is unlikely to be resolved soon. However, even if Prebisch and Singer are right and the terms of trade of countries exporting primary products are falling, to suggest that these countries should diversify away from the production of mineral commodities and other primary products, as many have done, may be poor policy advice, encouraging countries to abandon a promising source of wealth with which to foster economic development. |
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Keywords: | F13 L7 O24 Q1&ndash 4 |
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