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Infant Capitalists, Infant Industries and Infant Economies: Trade and Industrial Policies at Early Stages of Industrialization in Africa and Elsewhere

In: The Industrial Policy Revolution II

Author

Listed:
  • Akbar Noman

    (Columbia University)

Abstract

Adam Smith explicitly assumed the existence of a class of capitalists. He spoke of a “previous accumulation” of wealth in the economy into the nature and causes of whose wealth he was inquiring. This “previous accumulation” predated and preconditioned his analysis: “the accumulation of [capital] stock must, in the nature of things, be previous to the division of labour, so labour can be more and more subdivided in proportion only as stock is previously more and more accumulated.”1

Suggested Citation

  • Akbar Noman, 2013. "Infant Capitalists, Infant Industries and Infant Economies: Trade and Industrial Policies at Early Stages of Industrialization in Africa and Elsewhere," International Economic Association Series, in: Joseph E. Stiglitz & Justin Lin Yifu & Ebrahim Patel (ed.), The Industrial Policy Revolution II, chapter 4, pages 281-292, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-33523-4_11
    DOI: 10.1057/9781137335234_11
    as

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