Primary Products and Economic Growth: Rejoinder

Solving Africa’s central concerns of the mid-twenty-first century—how to grow economically as its population surges and how to create more and more jobs for its burgeoning labor force—relies on China. Likewise, enabling Africa to improve its human security and human welfare in most of its component nations depends on China. Third, strengthening Africa’s infrastructural architecture depends mostly on China. Without steady domestic Chinese economic growth and the behemoth’s consequent continued need for primary resources derived from Africa, however, prospects for many of the latter continent’s nation-states are, at best, problematic. Chinese demand drives African prosperity, raises world prices for primary products, and has made it possible for a number of the polities of Africa to accumulate wealth, to uplift their peoples, and to begin to play larger roles on the world’s stage. In this decade, and later, Africa and China are bound together synergistically in ways that cannot readily be replaced by trade, aid, or attention from the United States, India, Russia, Brazil, or Europe.

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Primary Products and Economic Growth: An Empirical Measurement

Journal of Political Economy ◽

10.1086/259176 ◽

1966 ◽

Vol 74 (4) ◽

pp. 315-332 ◽

Cited By ~ 59

Author(s):

Edward J. Chambers ◽

Donald F. Gordon

Keyword(s):

Economic Growth ◽

Primary Products ◽

Empirical Measurement

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The Effect of Export Diversification on the Economic Growth of West-Asian Arab Countries

Journal of Social Sciences (COES&RJ-JSS) ◽

10.25255/jss.2020.9.2.429.450 ◽

2020 ◽

Vol 9 (2) ◽

pp. 429

Author(s):

Ibrahim Qasem Alshomaly ◽

Walid Shawaqfeh

Keyword(s):

Economic Growth ◽

Trade Openness ◽

Arab Countries ◽

Sustainable Growth ◽

Export Diversification ◽

Explanatory Variables ◽

Primary Products ◽

Short Run ◽

High Degree ◽

The Relationship

This paper examined the relationship between the patterns of export diversification and economic growth in west Asian Arab countries during the period (2000-2017) using World Bank, UNCTAD, and Pen World data. The study used the DX Diversification Index (UNCTAD). This index measures the country's export divergence from the world's diversification patterns. The OLS and FMOLS methods were used to estimate the study model coefficients. The study found that the exports diversification structures in this group diverged clearly from the world diversification pattern since the exports of group countries driven by a high degree of primary exports concentration. Moreover, the economic growth was influenced positively by human capital, primary products export growth, and the adoption of efficient anti-corruption policies, but, it negatively influenced by trade openness and population growth. The study disclosed a long-term relationship between economic growth and the interactions of explanatory variables in the model, while in the short run the relationship was weak and insignificant. Moreover, there was a reciprocal causality relationship between economic growth and the degree of exports diversification using (DX-index). The study recommends that Arab countries should reduce the reliance on the exports of primary products, enhancing the share of industrial-based exports to achieve sustainable growth and to reduce the impacts of primary export’s prices instability on their economies.

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Central America: Monetary Policy and Economic Growth

Journal of Interamerican Studies and World Affairs ◽

10.2307/165571 ◽

1985 ◽

Vol 27 (4) ◽

pp. 111-116 ◽

Cited By ~ 1

Author(s):

Henry C. Wallich

Keyword(s):

Economic Growth ◽

Central America ◽

Economies Of Scale ◽

Far East ◽

Economic Structure ◽

Prima Facie ◽

Central American ◽

The Far East ◽

Primary Products ◽

Object Of Study

Central America has always seemed to me a particularly fruitful object of study, of economic and particularly monetary affairs, because of the existence of six countries of not too different size and economic structure. This situation provides an opportunity for assessing the workings of certain economic principles.In economic terms, the countries of Central America are very small units. For such units, economics can provide a few analytical propositions that seem prima facie plausible. One is that such economies need not indefinitely specialize in exports of primary products, but if they diversity and industrialize their economies, it must be for export. Industrialization for the domestic market is unlikely to permit sufficient economies of scale. In this regard, the Central American countries have industrialized much less than the small republics in the Far East, and accordingly have not enjoyed as rapid a rate of economic growth.

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Primary Products and Economic Growth: A Comment

Journal of Political Economy ◽

10.1086/259366 ◽

1967 ◽

Vol 75 (6) ◽

pp. 876-880 ◽

Cited By ~ 3

Author(s):

John H. Dales ◽

John C. McManus ◽

Melville H. Watkins

Keyword(s):

Economic Growth ◽

Primary Products

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Africa and the World Economy: Prospects for Growth, Development and Independence

Issue A Journal of Opinion ◽

10.1017/s0047160700504302 ◽

1978 ◽

Vol 8 (4) ◽

pp. 43-45

Author(s):

Sanford Wright

Keyword(s):

Economic Growth ◽

Structural Changes ◽

Foreign Assistance ◽

African Countries ◽

National Pride ◽

Primary Products ◽

The World ◽

World Economic ◽

Growth Development ◽

Growth Economic

The importance of economic growth, development, and independence to. African countries cannot be overemphasized; Africa has been, and continues to be, the most economically disadvantaged part of the world. Economic growth, normally indicated by the increase in monetary Gross Domestic Product, is essential to meet the needs of increasing populations as well as their rising levels of expectations. Development involves the structural changes necessary to make an economy more balanced, integrated, and flexible, and is essential for sustaining growth. Economic dependence, which is reflected in such features as open economies, high levels of foreign assistance, and exports of a few primary products to a limited number of destinations, is viewed as being a major causal factor for underdevelopment and an impingement on national pride and dignity.

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