The long-term Terms of Trade (ToT) for Agricultural Commodities and the need for Industrialization
By Dr Greenwell Matchaya, Berkshire, United Kingdom The need for industrialization in Africa and the developing world is real, although a debate about the means through which it may be achieved, has never been settled and may not be settled anytime soon. Fortunately, it appears that whatever the sources of industrialization may be, in practice they depend on the context such that each nation’s nature and degree of resource endowments are likely to help in dictating the feasible paths for industrialization for individual economies. This is perhaps one case where the concept of ‘one size fits all’ does not appear useful. Although the actual debate on the possible options for routes to industrialization for different African nations is being considered in a future article, effort is made herein to say something that could be useful for the Malawi economy. As we may already know, the lifeblood of Malawi’s economic growth and development is mainly the Agricultural sector so that policy chan