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Revisiting the revisited terms of trade: will China make a difference?

Kaplinsky, Raphael (2006). Revisiting the revisited terms of trade: will China make a difference? World Development, 34(6) pp. 981–995.

DOI (Digital Object Identifier) Link: http://dx.doi.org/10.1016/j.worlddev.2005.11.011
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Abstract

In challenging the conventional wisdom at the time, Singer and Prebisch posited a number of explanations for declining terms of trade of developing economies, including both country- and product-specific factors. Over the past decade, we have begun to witness a simultaneous process of price differentiation within commodities (with the prices of some commodities increasing) and within manufacturing (with the price of many manufactures falling). These price changes may reverse the decline in the terms of trade of commodity producers. The entry of China into the global market has played an important role in this, augmenting the demand for many “hard commodities.” Its role as an exporter of manufactures, coupled with concentration in global buying may undermine the prices of many manufactures.

Item Type: Journal Article
Copyright Holders: 2006 Elsevier Ltd.
ISSN: 0305-750X
Keywords: terms of trade; globalization; globalisation; China; India; reserve army of labor; buyer concentration; labour; unemployment
Academic Unit/Department: Mathematics, Computing and Technology > Engineering & Innovation
Interdisciplinary Research Centre: Innovation, Knowledge & Development research centre (IKD)
Related URLs:
Item ID: 5866
Depositing User: Raphael Kaplinsky
Date Deposited: 14 Nov 2006
Last Modified: 26 Jun 2014 09:17
URI: http://oro.open.ac.uk/id/eprint/5866
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