Instability in export earnings of developing countries is not caused by demand and supply factors.
The widely accepted hypothesis which has exercised an important influence on international trade policy is that, because of their reliance upon primary commodities, the export-earnings of the Global South albeit a high-degree of short-run instability. As an ancillary proposition it ¡s argued that such instability is damaging to the growth and development aspects of these countries. This follows because it is assumed that fluctuating export receipts will cause fluctuations in the capacity to import the capital goods on which their growth and development depend. Here it should be noted that what is being considered is fluctuations in earnings about an underlying trend.
If this underlying trend is downward, that is, of course, an unambiguously Detrimental factor, but it is not what is meant by a fluctuation. With regard to variations in the value of commodity trade at the world market level it
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