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Challenge of Trade and a New International Economic Order

  • Alasdair I. MacBean
  • V. N. Balasubramanyam
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Part of the Trade Policy Research Centre book series (TPRC)

Abstract

The demands for a New International Economic Order, expressed at the Sixth Special Assembly of the General Assembly of the United Nations in May 1974, represent the culmination of years of attack on the international trading system. That system, embodied in the principles and rules of the General Agreement on Tariffs and Trade (GATT) and the IMF, aims at progress towards free international trade. Since its inception at Bretton Woods in 1944, this system has seen enormous progress towards liberalisation of trade and finance, but progress has been concentrated on manufactured products mainly produced in the industrialised nations. No comparable progress has been made in either agricultural trade or trade in manufactures of special interest to developing countries.

Keywords

Much Favoured Nation Manufacture Export International Economic Order Primary Commodity Commodity Agreement 
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Notes

  1. 4.
    Myint, Economic Theory and the Underdeveloped Countries (London: Oxford University Press, 1971) p. 180.Google Scholar
  2. 8.
    B. de Vries, The Export Experience of Developing Countries (Washington: International Bank for Reconstruction and Development, 1967):Google Scholar
  3. Richard Porter, ‘Some Implications of Post-War Primary Product Trends’, Journal of Political Economy, May–June 1970;Google Scholar
  4. Angus Hone, ‘Export Earnings and the 1973 Commodities Boom: the Extent of its Impact on Developing Capitalist Economies’, New Left Review, No. 81, 1973.Google Scholar
  5. See also Thomas Wilson, R. P. Sinha and J. R. Castreet. ‘The Income Terms of Trade of Developed and Developing Countries’, Economic Journal December 1969;Google Scholar
  6. and Irving B. Kravis, ‘Trade as a Handmaiden of Growth’, Economic Journal, 1970.Google Scholar
  7. 16.
    Hugh Corbet, Raw Materials: Beyond the Rhetoric of Commodity Power, International Issues No. 1 (London: Trade Policy Research Centre, 1975) p. 25.Google Scholar
  8. 24.
    David Wall, ‘Opportunities for Developing Countries’, in H. G. Johnson (ed.), Trade Strategy for Rich and Poor Nations (London: Allen & Unwin, for the Trade Policy Research Centre, 1971) p. 36.Google Scholar
  9. 30.
    Staffan B. Linder, Trade and Trade Policy for Development (New York: Praeger, 1967) p. 27.Google Scholar

Copyright information

© Alasdair I. MacBean, V. N. Balasubramanyam and the Trade Policy Research Centre 1978

Authors and Affiliations

  • Alasdair I. MacBean
    • 1
  • V. N. Balasubramanyam
    • 1
  1. 1.University of LancasterUK

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