Thanks for this. Would that more common sense or more readers of the old economists who turn out not to be so non-sensensical as they seem from others who have an agenda and mis-quote them.
I would be curious from the others on the list about this. Ray ----- Original Message ----- From: "Christoph Reuss" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Friday, November 21, 2003 3:51 PM Subject: [Futurework] David Ricardo, Caveman Trade vs. Modern Trade > Excerpt from the New Internationalist's "No-Nonsense Guide to Globalization": > (NI Publications Ltd, UK 2002, pp. 14-15) > > <<When people talk about globalization today they're still talking > mostly about economics, about expanding international trade in goods > and services based on the concept of comparative advantage. This > theory [of free trade] was first developed in 1817 by the British > economist David Ricardo in his "Principles of Political economy and > Taxation" . Ricardo wrote that nations should specialize in producing > goods in which they have a natural advantage and thereby find their > market niche. He believed this would benefit both buyer and seller > but only if certain conditions were maintained, such as > (1) that trade between partners must be balanced so that one country > doesn't become indebted and dependent on another and > (2) that investment capital must be anchored locally and not allowed to > flow from a high wage country to a low-wage country. > > Unfortunately in today's high tech world of instant communications > neither of these conditions exist, with the result that Ricardo's > vision of local self-reliance mixed with exports and imports is > nowhere to be seen. Instead export-led trade has come to dominate the > economic agenda with the only route to growth based on increasing > exports to the rest of the world.>> > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ > SpamWall: Mail to this addy is deleted unread unless it contains the keyword > "igve". > > > _______________________________________________ > Futurework mailing list > [EMAIL PROTECTED] > http://scribe.uwaterloo.ca/mailman/listinfo/futurework _______________________________________________ Futurework mailing list [EMAIL PROTECTED] http://scribe.uwaterloo.ca/mailman/listinfo/futurework
