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Economic Development and World Trade

In: Problems in Economic Development

Author

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  • W. Arthur Lewis

    (University of the West Indies)

Abstract

During the nineteenth century economic development overflowed from Europe and North America into Asia and Africa and Latin America by means of international trade. There were the usual substantial benefits. The trader brings new ideas: new tastes, which stimulate effort, and new techniques, which stimulate innovation. Additional income was generated, and though much was taken as profit, much remained behind not merely to add to local consumption, but also to finance ports, railways, electric power, water and other public utilities, and also indirectly through taxation to pay for schools, hospitals, a framework of law and public administration, and other public services. Some local industries were destroyed by imports, and others, such as human porterage, gave way to new techniques, but the net effect was undoubtedly a great increase in the capacity to produce real income.

Suggested Citation

  • W. Arthur Lewis, 1965. "Economic Development and World Trade," International Economic Association Series, in: E. A. G. Robinson (ed.), Problems in Economic Development, chapter 0, pages 483-497, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-15223-0_29
    DOI: 10.1007/978-1-349-15223-0_29
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    Cited by:

    1. Irwin, Douglas A., 2021. "The rise and fall of import substitution," World Development, Elsevier, vol. 139(C).

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