12 Southern Pride Rebel Flag Nails

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“lends to concentrate too much on income elasticities of demand, neglecting ihc vifnI factor of relative costs and prices. For instance. be leads lo look upon the nineteenth-ccntury expansion of world trade in primary products as though il Simply sprang from ihc overflow of demand in the industrial countries. But. as Professor Caimcross has pointed out. that process depended also on the power of the oversea’ primary producers lo capture a larger share of Ihc market in Western Europe, and particularly the United Kingdom, by being low eost product/1. By the same token, if (he present-day underdeveloped countries wish to capture a larger share of tho world market in primary products, they will have to regain their position a lo -co ! producers. Making use of calculations by Mr. Alfred Mabels of the National Institute of Economic and Social Research, Professor Caimcross shows how the price factor %<cms to have influenced the share of tbe world exports in primary products between tbe underdeveloped countries and the industrial countries: ‘In 1937 the volume of primary produce from the industrial countries was slightly lower than in 1913 while exports from non-industrial countries were over 50% higher. Unit export values had ciimbed about 10% for the industrial countries and fallen slightly foe others. By 1950. there had been a spectacular change. Exports from the industrial countries had increased while exports from other countries had fallen sharply. At the lame time, while the unit values doubled for the first group they more than trebled for the second, la 957 both groups had added $0% to the volume of their exports of primary produce and the divergence in unit value had narrowed only slightly.’

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