Vent for Surplus
Conventionally, international trade theory focuses attention on the pattern of comparative costs existing at a point of time on the basis of the given resources and technology of the trading countries. Adam Smith, writing before the theory of comparative costs became formalized as a cross-section type of analysis, was concerned with the process of interaction between trade and development over a period of time. Thus his writings provide a more promising starting point for the study of the historical process of export expansion and economic development in the underdeveloped countries (Williams 1929; Myint 1958; and Myint 1977).
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