Word: prebisch
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Dates: during 1960-1969
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Getting Poorer. The conference's moving force and secretary-general is Argentina's German-descended Dr. Raul Prebisch, 62, who recently jetted to more than 20 capitals, from Canberra to Moscow, to win support for the conference from governments and business leaders. Last week, in a 165-page report, he outlined the problems and proposals that the Geneva conference will tackle...
...Prebisch is worried most by the growing "trade gap" between what is bought and sold by the poorer nations -in Latin America, Asia, Africa. From 1950 to 1960 their share of world trade declined from 30% to 20%, and their imports expanded much faster than their exports. On top of that, a world commodity glut held down prices of their exports-mostly food, fuel and fibers-while prices rose for the increasingly complex machines that they import. Because of the switch to synthetic goods and new efficiencies in manufacturing, the industrial nations are buying relatively less natural rubber, textiles...
...experts smiled skeptically two years ago when a U.N. economist. Argentine-born Raúl Prebisch, got six Latin American nations to talking about forming a common market. That kind of thing was all right for a well-developed Europe, they said, but backward Latin nations were too accustomed to protecting national industries with high tariff walls. And since a major slice of every government's revenue came from import and export duties, they could hardly be expected to agree on mutual tariff cutbacks. But last week seven Latin nations * brought their common market to life by simultaneously cutting...