You used to hear a lot about this idea, even halfway into the 20th Century.
It was an economist's panacea for a virtuous specialized world trade market, leading, by natural self correcting equilibrating forces, to prosperity for all everywhere eventually.
It was an economist's panacea for a virtuous specialized world trade market, leading, by natural self correcting equilibrating forces, to prosperity for all everywhere eventually.
It didn't turn out that way at all.
Reading Bairoch's book, one sees unfold the disaster it became for the under developed world.
Not that I am a fan of third world development in the first place. In fact the opposite.
But were I trying to promote it, comparative advantage would of course with hindsight be the last place for one to look for organizing principles for third world development.
See Comparative advantage, Wikipedia
This post is dedicated to Thomas Piketty.
See Comparative advantage, Wikipedia
This post is dedicated to Thomas Piketty.
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