Terms of trade and backwardeness: testing the prebisch for spain and britain during the industrialization

Leandro Prados de la Escosura ()

UC3M Working papers. Economics from Universidad Carlos III de Madrid. Departamento de Economía

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.

Keywords: Terms; of; Trade; Relative; Backwardness; International; economic; relations (search for similar items in EconPapers)
Date: 1994-12
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:cte:werepe:2978

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