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

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  • Robert A. Blecker

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.

Suggested Citation

  • Robert A. Blecker, 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:527-537
    DOI: 10.1111/1468-0335.00096
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