Domestic Terms of Trade and Agricultural Growth in Developing Countries

Romeo M. Bautista
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Romeo M. Bautista: International Food Policy Research Institute

Chapter 1 in The Balance between Industry and Agriculture in Economic Development, 1989, pp 17-38 from Palgrave Macmillan

Abstract: Abstract Writing twenty years ago, Raj Krishna (1967) made a distinction between negative agricultural price policy, in which ‘the terms of trade of agriculture are deliberately depressed’, and positive price policy ‘which attempts to improve or at least maintain the terms of trade of agriculture’. He also observed that ‘a negative agricultural price policy … has been a common feature of policy in the early phases of development in capitalist as well as socialist countries’, but that there were emerging signs of ‘a reluctant turn to a positive agricultural price policy’ as developing country planners saw agricultural output failing to grow at a rate necessary to achieve the desired growth of the national economy.

Keywords: Gross Domestic Product; Ordinary Little Square; Domestic Output; Agricultural Growth; International Food Policy Research Institute (search for similar items in EconPapers)
Date: 1989
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DOI: 10.1007/978-1-349-10277-8_1

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