Markets and States

Markets and States - Markets and States: 1900 to1982:...

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Markets and States: 1900 to1982: Decolonization after WWII o New nations during the 1950s and 1960s—Third World o Gained political independence—needed economic development 1948 United Nations established Economic Commission for Latin America (ECLA or CEPAL) o leadership under Argentine economist Prebisch o Theory: International division of labor, under which developing countries exported raw material and goods and imported manufactures from abroad, was working to the disadvantage of Latin America Values of their exports was declining but the costs of their imports was increasing—terms of trade always working against them While productivity advances in industrialized “center” leads to wage and other price factor increases, unemployment and other tendencies resulted in commodity price declines in the “periphery” o Solutions: 1. Industrialization State planning and import restrictions could lead to industrial development that would eliminate losses from
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This note was uploaded on 03/26/2012 for the course POL 378 taught by Professor Zeigler during the Spring '08 term at Miami University.

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Markets and States - Markets and States: 1900 to1982:...

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