Publication: Terms of trade and backwardeness: testing the prebisch for spain and britain during the industrialization
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1994-12
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Abstract
A historical test of prebisch-singer thesis of a long-run deterioration of primary producers' terms of trade vis-a-vis
industrial nations is performed in this paper as part of an inquiry on the consequences of economic relations between DCs and LDCs on the latter's welfare. The setting is Europe in the age
of the Industrial Revolution and spain and Britain are the countries chosen. The results strongly reject Prebisch-Singer
doctrine as the welfare of Spain's productive factors embodied
in exportables improved in absolute and relative terms,supporting the view that 19th century spain's relative decline
cannot be blamed on specialization along lines of comparative advantage.
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Terms of Trade, Relative Backwardness, International economic relations