International Trade and Economic Development

A Recebt study by the U.N. Secretariat provides ample proof, if further proof were needed, that the problem of the economic development of the low-income countries cannot be solved without these countries becoming not only producers, but also exporters of manufactured goods, on an important scale.1 At present 86 per cent of the exports of the 'developing countries'2 consists of primary products, and only 14 per cent of manufactured goods. But the world market for primary commodities expands only slowly, owing to the low income elasticity of demand. This is partly due to the low income elasticity of food consumption in the wealthy countries and the rapid growth of their own agricultural production, and partly to economies in the use of materials in industry and the development of synthetics. Since 1938, the volume of trade in manufactures has more than trebled, while the volume of trade in primary products has increased only by two-thirds

Agricultural economics · Agriculture · Business · Commerce · Consumption (sociology) · Developing country · Economic growth · Economics · Income elasticity of demand · International economics · International trade · Labour economics · Macroeconomics · Production (economics) · Global trade and economics

• Takeoffs and Trade

  Open Access•Rishav Bista, Erik Alencar De Figueiredo et al.•World Economy•2025

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• Semi-peripheral countries and the invention of the ‘Third World’, 1955–65

  Guy Laron•Third World Quarterly•2014

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