ABSTRACT
In the early 1970s, the ‘newfangled’ terminology of structural adjustment was not in vogue. However, it was known that in response to adverse changes in external environment, falling terms of trade, stagnation in export prospects/ earnings or a rise in import prices, it might be necessary to undertake measures to reallocate resources between export or import competing sectors as well as in each of these sectors, between commodities or groups of commodities. The concept of tradeables and non-tradeables was not popular in those days, even though the distinction between domestic goods or ‘home goods’ and the goods which competed with imports or were exported was well understood.
