Contrary to the classical proposition, the works of Prebisch and Singer launched the controversial hypothesis of long-term decline in the terms of trade of primary products vis-à-vis manufactures and a corresponding decline in the terms of trade of the South vis-à-vis the North. The present...

This study observed rapidly rising shares of manufactured and electronic goods in Korea’s total exports and a trend decline in Korea’s terms of trade over the period of this study (1967-2001), in accordance with the Prebisch-Singer hypothesis. Contrary to the expectation of...