You are here

Available in: English

Returning to an external debate: the terms of trade for commodities in the twentieth century

February 2003 | Historical Series
Publication cover
Corporate author:
  • NU. CEPAL
UN symbol.:
LC/L.1813-P
ISBN:
9211213835
Pages:
50 p. : diagrs., tabls.
Editorial:
ECLAC
Type:
Historical Series
Collection:
  • ECLAC Series
    • Historical Series

Description

Abstract This paper looks at the evolution of the terms of trade between commodities and manufactures in the twentieth century. A statistical analysis of the relative price series for 24 commodities and of eight indices reveals a significant deterioration in their barter terms of trade over the course of the twentieth century. This decline was neither continuous, nor was it distributed evenly among individual products, however. The data show that the far-reaching changes that the world economy underwent around 1920 and again around 1980 led to a stepwise deterioration which, over the long term, was reflected in a decline of nearly 1% per year in aggregate real prices for raw materials.

Download publication

Subscription

Get ECLAC updates by email

Subscribe