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Finance and Trade in NUMS v. UMS

In: International Money and the Real World

Author

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  • Paul Davidson

Abstract

Over two centuries ago, Adam Smith recognized that the growth of the wealth of any nation was dependent on its ability to foster specialization of production tasks in order to provide the economies of scale of a mass production technology. At any point in history the ability of entrepreneurs to introduce increasing specialization into production activities is limited by the size and the potential near-term growth of the market. Progress can therefore be purchased by trade with other nations. The obvious moral of Adam Smith’s analysis is that no economy which desires the rapid accumulation of wealth for itself can remain an island unto itself.

Suggested Citation

  • Paul Davidson, 1982. "Finance and Trade in NUMS v. UMS," Palgrave Macmillan Books, in: International Money and the Real World, chapter 7, pages 124-145, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-16679-4_7
    DOI: 10.1007/978-1-349-16679-4_7
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