Export Instability in Historical Perspective: Further Results

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Abstract
Today's less developed countries maintain that high instability in export prices is a serious obstacle to their economic development. History shows, however, that some of today's developed countries also experienced high price instability in the international markets they served when they were at a comparable phase in the development process. Current recommendations to institute a network of international commodity agreements for the most important primary products exported by the LDCs seem beside the point in light of this evidence.

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