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Intra-‘Industry’ Specialisation and the Foreign Trade of Industrial Countries

In: Controlling Industrial Economies

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  • P. B. W. Rayment

Abstract

In 1923, Alfred Marshall declared that the relative importance of manufactured goods in world trade was largely a temporary phenomenon due to countries being at different stages of industrial development. Eventually the spread of modern technology and economic growth would enable the lagging countries to acquire the same skills and aptitudes as the industrial leaders and then the relative importance of trade in manufacture would decline: ‘… those local inequalities of human faculty, which now afford a solid basis for such trade, seem likely on the whole to diminish’ (1). Marshall in fact claimed that the proportion of world trade governed by differences in natural resources was already rising as a result of this process. Why Marshall was wrong or, at least, has so far proved to be so, is the underlying theme of this paper.

Suggested Citation

  • P. B. W. Rayment, 1983. "Intra-‘Industry’ Specialisation and the Foreign Trade of Industrial Countries," Palgrave Macmillan Books, in: Stephen F. Frowen (ed.), Controlling Industrial Economies, chapter 0, pages 1-28, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06340-6_1
    DOI: 10.1007/978-1-349-06340-6_1
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