This paper re-examines Pasinetti's vertically integrated, multi-sector and pure labor economic system for the case of integrating a developing country into the world economy. A formal treatment of full employment and equilibrium in the trade balance are both analysed. Structural change is considered to establish the conditions and under which there are gains (in income and learning) from international trade. Pasinetti's natural system is extended by finding the "natural" exchange rate, that is: the one proportional to relative labor productivity.
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Find related papers by JEL classification: E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development