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the current accountthis records all transactions involving the exchange of currently produced goods and services and is subdivided intoi
balance of paymentsthe balance of payments of a country is a record of all financial transactions between residents of that country and residents of
a complementary facility for commodity-related shortfalls in export earningsthis is the most recent proposal of the group of 77 at unctad in june
stabexthe stabex scheme was designed to stabilize earnings from exports of the african caribbean and pacific acp countries to the community it
compensatory financingtwo other schemes for alleviating the effects of commodity trade instability have been operating for a number of years
the uns integrated programme for commoditiesmost of the political pressure for icas comes from spokesmen for the developing countries this is
objectives of icasmost schemes have as their main objective to stabilize andor increase the world price of commodity producers incomes foreign
international commodity agreements icasinternational commodity agreements icas represents attempts to modify the operation of the commodity markets
factors affecting the long run trend of the terms of trade for developing countriesmost third world countries have been faced by a fall in their
terms of tradethe relation between the prices of a countrys exports and the prices of its imports represented arithmetically by taking the export
arguments against protectionism most of the arguments for protectionism may be met with counter arguments but underlying the economic arguments as
strategic reasonsfor political or strategic reasons a country may not wish to be dependent upon imports and so may protect a home industry even if it
danger of over-specialising a country may feel that in its long-term interests it should not be too specializeda country may not wish to abandon
balance of paymentsperhaps the most immediate reason for bringing in protection is a balance of payment deficit if a country had a persistent
dumpingif goods are sold on a foreign market below their cost of production this is referred to as dumping this may be undertaken either by a
structural unemploymentthe decline of the highly localized industry due to international trade causes great problems of regional structural
infant industry argumentadvocates of this maintain that if an industry is just developing with a good chance of success once it is established and
cheap labour it is often argued that the economy must be protected from imports which are produced with cheap or sweated labour some people
gains from international tradethe gains from international trade are to make the participating countries better of than they would have otherwise
theory of comparative advantagein his theory put forward in a book published in 1817 david ricardo argued that what was needed for two countries to
international tradedefinitionit is the exchange of goods and services between one country and another international trade can be in goods termed
measures to control inflationan inflationary situation can effectively be addressedtackled if the cause is first and foremost identified
the impact of inflationinflation has different effects on different economic activities on both micro and macro levels some of these problems are
demand-pull inflation is when aggregate demand exceeds the value of output measured in constant prices at full employment the excess demand of
causes of inflation at present three main explanations are put forward cost-push demand-pull and monetarycost-push inflation occurs when he