When this work was first published in 1966, there was much interest
in various types of commodity agreements and compensatory financing
as methods of reducing the effects of export fluctuations on the
economies of developing countries. The book concluded that short
term fluctuations in export earnings, though perhaps important for
some countries, did not appear to be the general problem that had
been assumed. If correct, it would suggest that any measures should
be carefully designed to fit the situations of countries that were
affected and be subjected to cost-benefit analysis. This led to
many published and unpublished studies on the issues: some
supported, others contradicted the book's conclusions. The data
available now are vastly greater and probably more accurate than
pre-1966. However, the work and the issues it raised remain
important because most schemes proposed to reduce export
instability would be costly and likely to divert resources from
uses more obviously aimed at raising economic development in most
developing countries.
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