The concept of double factoral terms of trade, formulated by Jacob Viner takes into account the change in factor productivity both in the domestic export industries and export industries of the foreign countries. This concept can be expressed as: TD = TC . (ZX/ZM) Here TD is the double factoral terms of trade, TC is the commodity terms of trade, [...]
The secular deterioration in the terms of trade of the developing countries has occurred on account of the following reasons: 1. Absence of Qualitative Improvement of Products 2. Distribution of Gains from Technical Progress 3. Immiserizing Growth 4. Low Income Elasticity of Demand 5. Impact of Import on the Import- Competing Industries 6. Large Surpluses of Farm Products and a [...]
Here is a term paper on ‘International Trade’. Find paragraphs, long and short term papers on ‘International Trade’ especially written for school and college students. Term Paper on International Trade Term Paper # 1. Need for a Separate Theory of International Trade: Since quite earlier times, there has been a controversy among the economists on the issue whether or not [...]