By Machiko Nissanke, George Mavrotas
Alfred Maizels' paintings on commodity alternate and costs documented traits in an immense sector of foreign monetary kinfolk. This e-book elaborates the tips within the culture of Maizels' contributons, and discusses and extends those theories with regards to present difficulties.
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Extra resources for Commodities, Governance and Economic Development under Globalization
Johnson’s view was that any developing countries that wanted to stabilize commodity prices could do so by appropriate domestic policies, and that international schemes for the purpose were costly as well as redundant. In the face of this critical onslaught, Alf tried to reinforce the traditional view by launching a powerful counterblast aimed at undermining the intellectual credibility of MacBean’s results, and his conclusion that volatility of commodity prices did not retard economic growth. He pursued two lines of criticism.
There, with a small team, he began a research project that gradually became increasingly ambitious. It examined how the spread of industrialization would affect, not only British trade, but also world trade flows more generally. Alf had realized that the effect of overseas industrialization on Britain was simply one aspect of the changing economic relations between the industrial countries as a group and the countries whose economies were dominated by producing primary commodities. Eugene Staley had addressed this bigger question – foreshadowing the current debate about the effects of globalization – in an International Labour Organization (ILO) study at the end of the Second World War.
4 billion people). Add to the above the recent collapse of commodity prices, and we can fully understand how timely and relevant Alf Maizels’ conclusions still remain after so many years. In particular, Alf’s suggestions on the need to take action and create safety nets and compensatory schemes to protect the poor from abrupt fluctuations in commodity prices (Maizels 1992, Maizels et al. 1997) and external shocks are so relevant to the current discussion and debate on ‘vulnerability funds’, ‘food security issues’ and ‘global financial regulation’.