Primary Commodities and Economic Development

Commodity dependency in the face of dramatically falling real commodity prices has in recent years been considered a root cause of persistent underdevelopment. This volume surveys the changing role of primary commodities as a determinant of economic development.

Examining the theoretical frameworks underlying traditional thought on developing country commodity dependence, this book presents statistical evidence on stylized facts about commodity price behaviour. The role which commodity price trends play for developing countries differs as developing countries themselves have become less homogeneous as a group. Some remain commodity dependent exporters dependent on a small number of commodities, while others have diversified their export portfolios or developed a profile as manufactured goods exporters. The different ways in which primary commodity price trends and fluctuations affect these countries are explored in a number of country level case studies.

This book will be of interest to all those with an interest in development economics and international economics, as well as to scholars of natural resource and agricultural economics.

Stephan Pfaffenzeller is a Lecturer in the department of Economics, Finance and Accounting at the University of Liverpool, UK