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Patterns in world trade
Member rating: No Rating | Words: | Submitted: Wed Aug 27 2003
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PATTERNS IN WORLD TRADE by There is simply no way that LEDCs can catch up with MEDCs. This is mainly due to the fact that most LEDCs are only 'allowed' to export primary products (which may fluctuate in price) and must therefore import secondary products. One example of this is that Gabon exports a tree for $1. This is then exported to France and made in a factory into a wooden bench. This is on sale in France for $500, but, if exported to Gabon, would be around $600. One can see from this example why LEDCs always lose out if they only export primary and import secondary products, because they build up a trade deficit. MEDCs may charge heavy import duties on products not from MEDCs and may have special trade agreements and free trade zones with other MEDCs, such as the European Union, which make it far cheaper...
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