Rakesh Bhandari wrote:
>
>
> Really, Enrique?
>
> 1. Oil is the only raw material?
Well, the only hard-to-replace raw material that cannot be
>
>
> 2.What about the Singer-Prebish thesis about worsening terms of trade? Why
> are you sure this made so little contribution to profitability and
> accumulation?
>
Because I cannot come up with any reasonable terms-of-trade multiplier that would make that contribution significant.
>
> 3. And what about the influx of immigrants
Yep. Obvious flaw in my argument. Pretty stupid of me not to think of it (the inmigrants were Spanish, Portuguese and Italian before they were Turkish). So, if you don't mind, I'll discreetly slink away now.
Enrique