Manufacture to Manufacture Terms of Trade w XX i XXI wieku. Tendencje i determinanty
Manufacture to manufacture terms of trade in the 20th and 21st centuries.Tendencies and determinants

Summary/Abstract: The results of several studies presented in literature as well as author’s own works confirm there is evident deterioration of the MMTOT in the current international trade at the disadvantage of developing countries. The main reason behind it is the developing countries’ position in the international division of labour. These countries export standard and usually low-quality labour-consuming manufactured goods, which translates into low export prices and their very moderate pace of growth. On the other hand, these low export prices and deteriorating terms of trade of commodities exported by developing countries generate benefits to importers, mostly from developed countries. The thesis presented widely in the literature on the topic, which argues that diversifying export so as to raise the share of manufactured goods can improve developing countries’ terms of trade, is not confirmed by the practice of contemporary international economic relations.

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