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The 'Unnatural and Retrograde Order': Adam Smith's Theories of Trade and Development Reconsidered

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  • Blecker, Robert A

Abstract

This paper extends some new interpretations of Adam Smith's theory of trade by reconciling what have previously been regarded as his three separate theories of absolute advantage, market-widening, and vent-for-surplus. However, this reconstruction of Smith's trade theory is shown to be inconsistent with his theory of the natural stages of economic development in Book III of the Wealth of Nations. Rather, the interpretation of Smith's trade theory proposed here is more consistent with Smith's analysis of the 'unnatural and retrograde order,' which was the actual development path of western Europe. Copyright 1997 by The London School of Economics and Political Science

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  • Blecker, Robert A, 1997. "The 'Unnatural and Retrograde Order': Adam Smith's Theories of Trade and Development Reconsidered," Economica, London School of Economics and Political Science, vol. 64(255), pages 527-537, August.
    • Handle: RePEc:bla:econom:v:64:y:1997:i:255:p:527-37
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    Cited by:

    1. Xiao Jiang, 2011. "Trade Expansion and Employment Generation: How Mercantilist Does China Have to Be?," Working Papers 1109, New School for Social Research, Department of Economics.
    2. Jorge Morales Meoqui, 2014. "Reconciling Ricardo's Comparative Advantage with Smith's Productivity Theory," Economic Thought, World Economics Association, vol. 3(2), pages 1-21, September.
    3. Robert A. Blecker, 2009. "Long-Run Growth in Open Economies: Export-Led Cumulative Causation or a Balance-of-Payments Constraint?," Working Papers 2009-23, American University, Department of Economics.

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