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A. C. B. MAIDEN Bureau of Agricultural Economics Perhaps the best starting point for this paper is to set down what it does not cover. In the first place, it does not attempt to describe in detail the problems which countries exporting primary products have encountered through fluctuations in the prices received for their commodi- ties. The instability of prices for most commodities entering international trade is well known and adequately documented. Secondly, this is not a discussion of the importance of exports of primary commodities to the economic progress of the under-developed countries, although this again is a subject of paramount interest in the field of commodity problems. This aspect is, of course, the subject of a growing volume of literature and it was touched upon 12 months ago by Sir John Crawford in his presidential address to this Society.1 Not that there is not scope for more critical studies in this area particularly in the light of that over- used and rather meaningless statement that “a change of only 5 per cent in average export prices is approximately equivalent to the entire annual inflow of private and public capital and government grants to under-developed countries ”.* The
The Australian Journal of Agricultural Resource Economics – Wiley
Published: Jun 1, 1960
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