By John H. Adler (eds.)
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Extra resources for Capital Movements and Economic Development
One of the ideas which has been fairly widely accepted is that the underdeveloped countries of the second half of the nineteenth century had the worst of both worlds, as consumers of manufactured goods and as producers of food and raw materials. If this proposition is true, one can hardly blame the peoples of the poorer countries for wishing to make certain that a similar fate will not befall them in the second half of the twentieth century. The doctrine is based on a theoretical analysis of the distribution of gains between investing and borrowing countries.
W. Singer. 1 There are two main strands which I shall call the lop-sided multiplier effect and the lop-sided terms of trade effect. The former is put by Singer in the following words : Could it not be that in many cases the productive facilities for export from underdeveloped countries, which were so largely a result of foreign investment, never became a part of the internal economic structure of those underdeveloped countries themselves, except in the purely geographical or physical sense? Economically speaking, they were really an outpost of the economies of the more developed investing countries.
1 H. Myint, 'The Gains from International Trade and the Backward Countries', Review of Economic Studies, xxii (2), 58, 1954-55, p. 135. a See my paper, 'The Alleged Exploitation of Underdeveloped Countries: a Review of the Evidence', Proceedings of the Thirty-third Conference of the Western Economic Association, 1958. 3 A. K. Cairncross, Home and Foreign Investment, 1870-1913, Cambridge University Press, 1953, p. 208. , pp. 192-195. 26 Thomas- International Capital Movements to 1913 There are serious objections to using the net barter terms of trade as an indicator of the distribution of gain between trading countries.