Author:
Prados de la Escosura Leandro
Abstract
AbstractIn this chapter, the Prebisch thesis of a long-run deterioration of primary producers’ terms of trade vis-a-vis industrial nations and its consequences on the former’s welfare is tested for Spain and Britain in the age of the Industrial Revolution. At odds with the Prebisch doctrine, the evolution of the terms of trade between Spain and Britain had a positive effect on Spain’s welfare, as productive factors embodied in exportables improved in absolute and relative terms, supporting the view that Spain’s relative decline in the nineteenth century cannot be blamed on specialization along lines of comparative advantage.
Publisher
Springer International Publishing
Reference86 articles.
1. Allen, R.G.D. (1975), Index Numbers in Theory and Practice, London: Macmillan.
2. Appleyard, D.R. (2006), “The Terms of Trade between the United Kingdom and British India, 1858–1947”, Economic Development and Cultural Change: 635–654.
3. Ayuda, M.I. and V. Pinilla (2021), “Agricultural Exports and Economic Development in Spain during the First Wave of Globalisation”, Scandinavian Economic History Review 69(3): 199-216.
4. Bairoch, P. (1975), The Economic Development of the Third World, London: Methuen.
5. Baldwin, R.E. (1955), “Secular Movements in the Terms of Trade”, American Economic Review 45: 259-269.