description Raúl Prebisch Overview
Raúl Prebisch (1901–1986) was an Argentine economist whose work became foundational to Latin American structuralist economics and dependency theory. He formulated the Prebisch-Singer hypothesis, which argues that the terms of trade for primary commodity exporters deteriorate over time relative to industrialized nations. Prebisch directed the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) from 1950 to 1963, promoting state-led industrialization and import substitution. He later served as the first secretary-general of the United Nations Conference on Trade and Development (UNCTAD).
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What is the Prebisch-Singer hypothesis?
Formulated by Raúl Prebisch and Hans Singer, it argues that the terms of trade for primary commodity exporters deteriorate over time relative to industrial goods. This means countries exporting raw materials will gradually be able to afford fewer imported manufactured goods.
How did Raúl Prebisch contribute to Latin American economics?
Prebisch became foundational to Latin American structuralist economics by arguing that the global economic system disproportionately benefits developed nations at the expense of developing ones. His work heavily influenced import substitution industrialization policies across South America.
Where did Raúl Prebisch work?
He was an Argentine economist who served as the director of the Economic Commission for Latin America and the Caribbean (ECLAC). In this role, he played a massive part in shaping economic policy throughout the region.
When did Raúl Prebisch live and develop his economic theories?
Raúl Prebisch lived from 1901 to 1986. He witnessed both the Great Depression and the Latin American debt crisis, which heavily influenced his structuralist view of the global economy.
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