ff ordable machinery fro mining extraction which give rise to new mining

Ff ordable machinery fro mining extraction which give

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ff ordable machinery fro mining extraction, which give rise to new mining activities Single-commodity export by 1870 Agriculture-led export model: production based on dominant commodity Dependency on abroad demand High demand and high prices Characteristic of export model - no change No political change: National rpducetr base dabs don hacienda system- it did not require change No economical change: Destination production did change international market No change in inequality: Group is powers accumulate wealth consolidated political power Hacienda - how means of production is distributed The economic success of mono agreport id not create incentive to diversify the production
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why to invest in manufacturing? Lack of political change hindered a sustainable economic transformation! Export grew at higher rates Base don external demand, dependent on the growth rate of the industrial output from international markets Golden Age Price takers: set at the international market Price elasticity of demand of most primary good is inelastic Proce volatility: exposed to abroad variability
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