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InstitutionsRentseeking is Exploitation of political or official power for personal benefit resulting in the transfer of income from society at large to a specific groupFiscal stabilization recover foreign exchange reserve positionshort termStructural adjustment reorganize the domestic economy to promote growth productivity and competitivenessmedium termInternational Trade Balance of paymentscurrent accountcapital accountx Current account exportsimports Capital account loansinvestmentsinterest paymentsdebt repayments PrebishSinger Thesis the commodity terms of trade for LDCs tend to decline over timeThis does not only hold for primary goods but to some extent as well for less sophisticated manufacturing goodsImplication over time LDCs need to export more to finance the same value of imports If not possibleborrowing but this is not sustainable in the long term Theory of comparative advantageIt is not efficient to produce every good that is needed by yourselfExchange part of your production in return for goods produced by others tradeBy specializingtrading you are able to consume more because you and your trading partners produce more efficiently ie lower cost per unit producedA similar logic holds for economies Comparative advantagewhen a personcountry can produce a given g
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