Основы экономики. Земскова Л.П. - 26 стр.

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26
demand disturbances act on markets that are very unresponsive to price in the
short run. Second, the prices of primary commodities have had a downward
trend over the past years.
5. To stabilize commodity prices governments can organize buffer stock
schemes that attempt to buy when price is low and sell when price is high.
These have rarely succeeded over long periods. Governments also try to
organize cartels, which enable them to restrict supply and raise price. The
most successful such cartel – by a wide margin – has been OPEC.
6. LDCs are increasing their exports of manufactures. In the past years their
growth performance has been better than that of industrialized countries.
7. The growth of LDC manufactures exports poses serious problems in
industrialized countries and has given rise to protectionism. Nontariff
barriers and quotas are rising in areas where LDCs are particularly
successful. Many have argued that the industrialized nations should instead
place more emphasis on adjustment to import competition.
8. In the last 20-30 years of the past century large external debts were
accumulated by middle-income countries. The sharply increased
indebtedness resulted from an adverse world economy, mismanagement in
LDCs, and from overlending by commercial banks. The debt crisis is a
confrontation between debtors who cannot pay and creditors who cannot
afford not to be paid.
9. The opening up of trade is an important mechanism for making the south
better off. Observers of some developing countries argue that aid should be
used as a lever to induce the governments of those countries to adopt sensible
economic policies, though that is not easy to do in practice.
KEY TERMS
North-south debate
LDCs (less developed countries)
New international economic order
International Monetary Fund (IMF)
World Bank
Price volatility
Buffer stocks
Import substitution
Export-led growth
New protectionism
Debt rescheduling
Debt crisis
Aid and migration
PROBLEMS
1. What are the complaints of the developing countries that have led to their call
for a new international economic order (NEO)?

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