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The Demand for Industrial Materials, 1950-57

(A short summary of this article is given on page 43)

Published online by Cambridge University Press:  26 March 2020

J.A. Rowlatt
Affiliation:
National Institute
F.T. Blackaby
Affiliation:
National Institute

Extract

Only eight or nine years ago, at the time of the Korean war, it was widely believed that there would be a continuing world-wide shortage of many primary products; that there was a long-term tendency for the prices of primary products to rise faster than the prices of manufactured goods; and that, as a consequence, the terms of trade were bound to go on turning in favour of primary producing countries and against manufacturing nations such as Britain.

Type
Articles
Copyright
Copyright © 1959 National Institute of Economic and Social Research

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References

note (1) page 22 Value of exports of primary producing countries divided by index of world export unit value for manufactures. Source: World Economic Survey 1958 (United Nations, 1959), table 18, page 55.

note (2) page 22 Excluding Sino-Soviet countries.

note (3) page 22 See especially recent annual and other reports of G.A.T.T. and World Economic Survey 1958 (United Nations, 1959), introduction and chapter 1, where this argument is developed. This Survey contains a valuable study of both short- and long-term trends in trade in primary products.

note (4) page 22 North America, western Europe, and Japan.

note (5) page 22 World Economic Survey 1958, table 1, page 17.

note (6) page 22 Agricultural, manufacturing, and mining production.

note (7) page 22 World Economic Survey 1958, table 1, page 17.

note (1) page 23 See the appendix to this article, page 44, for a more detailed description of the methods used.

note (2) page 23 The special position of Scandinavia and of forest products is considered on page 42.

note (1) page 24 Iron ore contributes about 20 per cent to the price of steel, bauxite about 2 per cent to the price of aluminium and wood pulp about 30 per cent to the price of viscose staple.

note (2) page 24 The main industrial materials which are not included are: fuels, building materials, ceramic materials, hides and skins, some natural fibres, the specialised metals and minerals, and the main materials used by the chemicals industry.

note (3) page 24 Western Germany, France, Italy, Netherlands, Belgium- Luxembourg.

note (1) page 27 To some extent, the slow growth of textile output in the industrial areas was offset by a more rapid growth elsewhere. Thus world production of textiles (excluding the Sino-Soviet bloc) rose by 14 per cent between 1950-52 and 1955-57, and of metal products by 39 per cent. In the United Nations indices of world production, the industrial areas listed in this article carry 75 per cent of the weight for textiles, but 92 per cent of it for metal products. (United Nations: Statistical Year Book, 1958, table 34.) See further on page 40.

note (1) page 28 In most areas, paper is very much more important than rayon as a consumer of woodpulp; in the United States, for instance, paper accounts for nine-tenths of woodpulp's use. In Japan, however, rayon accounts for about five-sixths of woodpulp production.

note (1) page 30 The Census industries accounted for about three- quarters of copper consumption and about half the use of aluminium; the construction industry—not covered by these Censuses—is also a heavy user of aluminium.

note (1) page 37 Supplies are the total of home production and net imports, and so include fluctuations in stocks; the figure is therefore slightly different from that for the rise in con sumption in table 12. The figure for supplies is used here because it is more nearly comparable with the figure for primary producing countries' exports.