By John Wong
Ebook through Wong, John
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Additional info for ASEAN Economies in Perspective: A Comparative Study of Indonesia, Malaysia, the Philippines, Singapore and Thailand
Thus the Netherlands' relative share in Indonesia's total trade has sharply dwindled to give way to Japan and the United States; so have Britain's relative shares in the trade of Malaysia and Singapore; and the United States' share in the Philippines. The existing pattern of trade relations of ASEAN is more a product of the concentrated trade structure itself. Since the region exports mainly primary products and the industrial economies of the West and Japan happen to be the biggest consumers of the world's primary commodities, close trading ties between the two groups are accordingly forged.
It is high time that the region's policy-makers should face such issues sq uarely - more so at this time of rising international economic crises. At least two major problems arising from the strategy of development through trade should be of special concern: the limited spread effects and the vulnerability to external instability. The traditional trade theory argues, on the static assumption of perfect internal factor mobility and full employment, that nations once open to foreign trade are ready to adjust their economic structures efficiently to changing dictates of the world prices and markets.
_ - Minerals •••••••••••• Food-stuffs - - - - - - Manufactures - - - - Non-ferrous metals - - - - Agricultural raw materials I 300 ~ "''" ! ,. .. ', ,. E f·. /' . . -/ . ~/ ,. '/- .. '. ~.... ::"/-. .... ,-- .... ' .......... 1 Price Indices of Manufactured Goods in World Trade and Primary Commodities Exported by Developing Countries, 1970-75 (\963 = 100) Source: Centre for Development Planning Projections and Policies of the United Nations Secretariat, based on United Nations, Monthly Bulletin of Statistics.
ASEAN Economies in Perspective: A Comparative Study of Indonesia, Malaysia, the Philippines, Singapore and Thailand by John Wong