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Technology and International Trade: a Heckscher—Ohlin Approach

In: The World Economic Order

Author

Listed:
  • Carl Hamilton
  • Hans Tson Söderström
  • Kemal Dervis

Abstract

The step from Ricardo to Heckscher—Ohlin in international trade theory carried with it some optimistic overtones with respect to the international distribution of income. The factor price equalisation theorem reduced the problem of rich and poor nations to a question of trade, capital accumulation and functional distribution of income. The promotion of free trade would in the long run be sufficient to equalise between countries the rewards of labour and capital. Reality’s failure to comply with this theoretical prediction has produced a variety of suggestions as to which simplifying assumptions of the Heckscher—Ohlin model are not fulfilled in the real world.

Suggested Citation

  • Carl Hamilton & Hans Tson Söderström & Kemal Dervis, 1981. "Technology and International Trade: a Heckscher—Ohlin Approach," Palgrave Macmillan Books, in: Sven Grassman & Erik Lundberg (ed.), The World Economic Order, chapter 5, pages 198-232, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-16488-2_6
    DOI: 10.1007/978-1-349-16488-2_6
    as

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