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Reluctance to Adjust and Economic Nationalism

In: The New Economic Nationalism

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  • Richard Blackhurst

Abstract

It does not require great insight to recognise that we live in a constantly changing world. Demographic developments, technological innovations and a variety of other factors constantly create pressure for changes in patterns of production and trade. Moreover, the fact that the timing and intensity of these developments vary among countries is itself an independent source of pressure for change. An obvious corollary is that an economy’s prosperity is crucially dependent on its capacity to adjust its pattern of production and trade in response to these pressures for change. Smooth and continuous adjustment allows a country to use its labour, capital and land efficiently and stimulates economic growth. Lack of adjustment, in contrast, breeds cumulative inefficiency and reduces the country’s material well-being.

Suggested Citation

  • Richard Blackhurst, 1980. "Reluctance to Adjust and Economic Nationalism," Palgrave Macmillan Books, in: Otto Hieronymi (ed.), The New Economic Nationalism, chapter 7, pages 119-136, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-04527-3_8
    DOI: 10.1007/978-1-349-04527-3_8
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