By Paul Krugman
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Extra resources for A Country Is Not a Company
1834: 61, 367) 26 Biography of a Subject Mill also recognized the infant industry exception. The superiority of one country over another in a branch of production often arises only from having begun sooner. . A country which has . . skill and experience yet to acquire may in other respects be better adapted to the production than those which were earlier in the ﬁeld. . But it cannot be expected that individuals should, at their own risk, or rather to their certain loss, introduce a new manufacture, and bear the burden of carrying it until the producers have been educated up to the level of those with whom the processes are traditional.
The most monstrous monkey-house assembled for years. To this might perhaps be added: Egypt, Chile and (in present circumstance) Yugoslavia. At Bretton Woods, the developing countries tended to view themselves more as new, raw-material-producing nations and less as countries with general development problems. Comprehensive strategies of development and policies to accelerate national development were yet to be identiﬁed. The Brazilian, Colombian, Cuban, and Bolivian delegations expressed concerns about “ﬂuctuations in the prices of primary products.
Bk. 2, ch. 5) In every period, indeed, of every society, the surplus part both of the rude and manufactured produce, or that for which there is no demand at home, must be sent abroad in order to be exchanged for something for which there is some demand at home. (bk. 3, ch. 1) In another passage, Smith relates the vent-for-surplus phenomenon to the gains from trading on a wider market: The Heritage of Classical Growth Economics 23 Between whatever places foreign trade is carried on, they all of them derive two distinct beneﬁts from it.
A Country Is Not a Company by Paul Krugman