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Chapter14 TradePoliciesforDevelopingCountries 1 Introduction Over5billionpeopleliveindevelopingcountriesFortunesofthesecountrieshavevariedwidely seeFigure14 1 Somehaveachievedsupergrowth whileothershavesuffereddecliningincomesInone fifthofthedevelopingcountries incomeperpersonhasdeclinedbetween1990and2005Dodifferencesintradepoliciesplayarole Figure14 1 Growthrates 2 Tradepolicyoptions Whatshouldagovernmentofadevelopingcountry sayGhana dotoreversestagnation Tradepolicychoicesare Exploitthecountry scomparativeadvantageinlandandnaturalresources i e cocoa coffeegoldetc withoutrestrictingimportsorencouragingexports Attempttoenhancethegainsfromexportingprimaryproductsbyraisingtheworldpricesoftheseproductsbyitself ifitisalargeproducer orthroughaninternationalcartel 2 Tradepolicyoptions RestrictimportsandsubsidisenewindustriesservingthedomesticmarketEncouragethedevelopmentnewindustrieswhoseproductscanbereadilyexported 2 Tradepolicyoptions Tradepoliciesmaybejustifiedonthegroundsthat Capitalmarketsworklessefficientlyindevelopingcountries onereasonisthatpropertyrightarelessclearlydefined Labourmarketsworklessefficientlyindevelopingcountries 3 Termsoftradeinthelongrun ManydevelopingcountriesexportprimaryproductsInthe1950s RaulPrebischarguedthatdevelopingcountriesexperienceddecliningtermsoftradeforprimaryproducts seeFigure14 2 TOT IndexofXprices indexofMprices Therefore developingcountriesaretrappedintodecliningincomesrelativetotheindustrialisedworld Figure14 2 TOT 3 Termsoftradeinthelongrun ForcesthatdecreasethetermsoftradeforprimaryproductsEngel slaw Aspercapitaincomesrise demandwouldshiftawayfromfoodtowardsluxuriesSyntheticsubstitutes Thedevelopmentofnewhuman madesubstitutesfornaturalmaterialsForcesthatraisetherelativepriceofprimaryproductsNature slimitsRelativelyslowgrowthinproductivityintheprimarysector 4 Importsubstitutionindustrialisation ISI IfTOTisdeclining thendevelopmentrequirescuttingrelianceonexportingprimaryproductsandadoptingpolicies i e tariffsandsubsidies thatproducesubstitutesforimportedmanufacturedgoodsStage1 producesimpleandinexpensiveproductssuchastoys clothingandcannedfood Stage2 moveontomorecomplexproductssuchascarsanddomesticappliancesStage3 producecomplexindustrialgoodssuchaschemicals electronicequipmentandmachinetools 4 Import SubstitutingIndustrialization PotentialstrengthsInfantindustriescangrowupDevelopinggovernmentcangetmuch neededrevenueThecountry sinternationaltermsoftradecanimproveInformationondemandisacquiredcheaplyActualexperienceDeadweightlossesfromresourcemisallocationISIfosteredrent seekingandcorruptionDevelopingcountriespracticingoradoptingfreer tradepoliciesgrowmorequickly 5 Exportpromotion Sinceabout1980 developingcountrieshaveturnedincreasinglytowardsexportpromotionDevelopingcountrieshavebecome ExportersinstandardisedmanufacturinglineswheretechnologicalprogresshascooleddownLocationsforlowcostassemblyofmoretechnologicallyadvancedproductslikecomputers 5 Exportpromotion PromotionofexportsresultsingreatergrowthinGDPifthereissomethinginthepromotedproductorproductionprocesswhichlinksittotherestoftheeconomythatisabsentformdomestic orientedproductionProducingfortheworldmarketbringseconomiesofscaleintoplayThereareaddedincentivesforR DExportsmayspeeduptheadoptionofworldbestpracticeExportsmakepossiblethepurchaseofimports Figure14 4Thechangingmixofexportsfromdevelopingcountries 1970 2006 6 InternationalCartelPower Monopolyasanextremeexampleforcartels SeeFigure14 3 IfperfectCompetitionreignedintheworldoilmarket competitiveequilibriumwouldbeatpointC wheredemandequalssupplyForacartel actingasamonopoly profitsaremaximisedwhereMR MC oratpointB Figure14 3 6 ErosionofCartelPower Decl
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