Commodities in Crisis: The Commodity Crisis of the 1980s and by Alfred Maizels, World Institute for Development Economics

By Alfred Maizels, World Institute for Development Economics Research

With the dramatic alterations within the worldwide political scene, many constructing international locations are re-evaluating their financial and political priorities. This reappraisal scrutinizes their dependence on particular commodities and the situation into which this industry has been thrown within the final decade. This paintings relates the most theoretical and empirical matters within the cave in in commodity costs when you consider that 1980--a significant reason behind the 3rd international fiscal crises--to perceived conflicts of curiosity among constructed and constructing nations. Maizels keeps his research by way of discussing the weather of a brand new method of an efficient commodity coverage for the long run. He comprises assurance of such significant difficulties because the influence of commodity instability at the worldwide economic system, marketplace constitution, in addition to synthetics and diversification. This examine could be of curiosity to teachers and scholars of improvement economics and overseas exchange in addition to to policymakers in constructing international locations.

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Extra info for Commodities in Crisis: The Commodity Crisis of the 1980s and the Political Economy of International Commodity Policies (W I D E R Studies in Development Economics)

Sample text

A close relationship can be expected, ceteris paribus, between movements in the purchasing power of merchandise exports and the volume of imports into developing countries. For Latin America, both the purchasing power of exports and the import volume have remained below 1980 levels since 1982. African countries’ import volume has risen, in the later 1980s, at a much faster rate than the purchasing power of exports; but if the special position of Egypt is excluded, the difference between the two variables is relatively small.

The IMF price index showed a decline of 27 per cent in current US dollars from 1979 to 1986,8 while the Morrison–Wattleworth model predicted a decline of 23 per cent over this period. 3. According to these results, the impact of the rise in industrial production on commodity demand was exactly offset by the expansion in commodity supply. e. 5 per cent per annum). The monetary factor is significant, but relatively small, and relates mainly to inflationary pressures in the developed countries and to changes in the dollar exchange rate (changes in interest rates were not, however, specifically covered in this analysis).

9 The real income loss suffered by the commodity-dependent developing countries in relation to their aggregate GDP in the period 1980–8 was, on an annual average basis, about one-half of that suffered by the OECD countries during the years of oil price ‘shocks’ of the 1970s. This result is also broadly true for the Asian and Latin American regions, but not for Africa, for which the annual terms of trade loss in relation to the region’s GDP was significantly greater than the corresponding OECD loss resulting from the 1970s oil price shocks.

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