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International Economics and Development - 1st Edition - ISBN: 9780122164507, 9781483271330

International Economics and Development

1st Edition

Essays in Honor of Raúl Prebisch

Editor: Luis Eugenio Di Marco
eBook ISBN: 9781483271330
Imprint: Academic Press
Published Date: 1st January 1972
Page Count: 536
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International Economics and Development: Essays in Honor of Raúl Prebisch provides information pertinent to the developments in the field of international economies as it relates to the problems of the underdeveloped countries. This book provides a brief biography of Professor Raúl Prebisch and his many contributions to international economics.

Organized into eight parts encompassing 22 chapters, this book begins with an overview of the influence of Prebisch on Latin American international development policy. This text then examines the problem that has always been of real concern to the U.N. since the creation of the organization, namely, the social and economic development of underdeveloped countries. Other chapters consider the problem of economic development of the countries newly involved in the process of growth. This book discusses as well the relationship between stability conditions of real and monetary models of international trade. The final chapter deals with the characteristics of underdevelopment.

This book is a valuable resource for economists.

Table of Contents

List of Contributors


Biographical Notes on Dr. Prebisch

I. Introduction

The Evolution of Prebisch 's Economic Thought


The Impact of Prebisch's Ideas on Modern Economic Analysis

I. Introduction

II. The Latin American Economic School

III. Consequences of Prebisch's Propositions for Economic Policy in Underdeveloped Countries

IV. The Response of the Economists and Governments in Advanced Areas


II. On Institutions and Ideas

Twisted Terminology and Biased Theories


III. Theoretical Approaches

Stability Conditions in the Real and Monetary Models of International Trade

I. Introduction

II. The Basic Model

III. Stability Conditions under the Variable Exchange-Rate System

IV. Output Expansion and the Terms of Trade under the Variable Exchange-Rate System

V. Stability Conditions and the Effect of Devaluation under the Fixed Exchange-Rate System

VI. Output Expansion, the Trade Balance, and the Terms of Trade under the Fixed Exchange-Rate System

VII. A Stability Condition of Underemployment Equilibrium


Towards a Reformulation of the Short-Run Theory of the Short-Run Theory of Foreign Exchange

I. Introduction

II. Assumptions and Notation

III. The Simplest Case: A One-Day Planning Horizon

IV. A Two-Day Planning Horizon

V. Next Steps


Reflections on Unlimited Labor

I. Some Misconceptions

II. The Model's Turning Points


The Center-Periphery System 20 Years Later

I. Introduction: An Idea of the System

II. Principal Changes in the World Economic System

III. Principal Changes in the Working of the Center-Periphery System

IV. Some Conclusions about the New Center-Periphery Relationship Scheme


Consequences of the Existence of "Immobile" Industries

I. Some Definitions

II. How to Cure Balance of Payments Difficulties

III. Macroplanning of Development

IV. Choosing the Sectors to Develop

V. Concluding Remarks


A Long-Run Economic Growth Model for Developing Countries

I. The Model of Economic Growth

II. Estimation of the International Sector with Colombian and Prewar Japanese Data: A Cursory Investigation

III. Comparisons of the Model with Other Development Models


IV. Economic Policy, Foreign Trade, and Development

Industrial Policies in Taiwan and Korea

I. "Inward-Looking" and "Outward-Looking" Development Strategies

II. Industrial Policies during the Fifties

III. Reasons for Adopting an "Outward-Looking" Strategy

IV. The System of Incentives

V. Export Performance and Economic Growth

VI. Manufacturing Output and Exports

VII. Export Composition and Industrial Structure

VIII. Some Adverse Effects of the Incentive System

IX. Future Prospects

X. Conclusions


LDC Exports: A Cross-Sectional Analysis

I. LDC Country Size and Share of Exports in GDP

II. The Share of Manufacturing Exports in Total Exports of LDCs


Protection and Growth

I. How Protection Affects Savings: The Real Income Effect

II. How Protection Affects Savings: Income Distribution Effect

III. How Protection Affects Savings: Other Effects

IV. The Effects of Protection on Savings: Policy Implications

V. Protection and the Inducement to Invest

VI. Backward Linkage

VII. Learning and the Rate of Growth


The Theory of Exploitative Trade and Investment Policies: A Reformulation and Synthesis

I. Introduction

II. A Production Function for Foreign Exchange

III. The Offer Function When Capital Is Mobile

IV. The Problem Formulated

V. Exploitative Tax and Tariff Policies


A Stochastic Model of the Functional Distribution of Income

I. Introduction

II. Theories of Income Distribution

III. Economic Surplus and Theory of Games

IV. Structure and Dynamics of Income Distribution

V. Specification of Model I

VI. Characteristics of the Unbiased Predictor

VII. Parameter Estimation

VIII. Asymptotic Covariance Matrix of the Estimators

IX. Asymptotic Distribution of the Estimators

X. Specification of an Alternative: Model II

XI. Applications

XII. Conclusion


Industrializing Industries and the Economic Integration of Less-Developed Countries

I. The Content of an Industrialization Policy

II. The Conditions for an Effective Industrialization Policy


The Contribution of Foreign Trade to National Income


Origins and Consequences of Import Substitution in Brazil

Appendix I

Appendix II


V. Foreign Investment and Economic Development

Notes on Foreign Capital and Latin America

I. Introduction

II. Foreign Capital Role in the Process of Development

III. Some Problems of Foreign Capital

IV. Conclusions



Direct Investment in Less-Developed Countries: Historical Wrongs and Present Values

I. Introduction

II. The Variables

III. Three Identities

IV. Marketing

V. Labor Costs

VI. Capital Costs

VII. Technology and Management

VIII. Government Expenditure

IX. Taxes

X. External Economies and Diseconomies

XI. Amortization

XII. Risk

XIII. Nationalism

XIV. Discount Rates

XV. Conclusion


VI. Problems of Regional Development

Conditions and Objectives of African Economic Development

I. Introduction

II. National Construction

III. Development Conditions and Opportunity Costs

IV. Population Growth, Migration, and Unemployment

V. Economic Relations with Metropolitan Powers

VI. African Development Planning

VII. Potential Role of Monetary Institutions


The International Politics of Latin American Economics

I. Introduction

II. The Policy of Weakness: 50s and Early 60s

III. The United States Foreign Policy Machine

IV. Some Suggestions for Latin American Strategy


VII. International Cooperation

The "Crisis of Aid" and the Pearson Report

VIII. The Socio-Economic Approach

The Social Doctrine in Prebisch's Thought


Appendix: The Work of Dr. Raúl Prebisch

Author Index

Subject Index


No. of pages:
© Academic Press 1972
1st January 1972
Academic Press
eBook ISBN:

About the Editor

Luis Eugenio Di Marco

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