The international economic development over the last century was characterised by various kinds of cycles. This article focusses on cyclical changes in the net barter terms of trade between primary products and manufactured goods. By comparing and contrasting the present circumstances with those...

Proponents of the theory of unequal exchange claim that the international division of labour is based on the exploitation of the developing countries by the industrialised countries. But the international division of labour allows the developing countries to import goods which they either could...

To analyze the role of the trade and payments regime in economic development the National Bureau of Economic Research undertook a major research project on this issue. In this article a brief report on some of the findings pertaining to the effect of exchange rates, i. e. devaluation under...