1. INTERNATIONAL ECONOMICS.
- Author
-
Lewis, W. Arthur
- Subjects
INTERNATIONAL competition ,MANUFACTURED products ,INTERNATIONAL trade ,NATIONAL income ,POPULATION ,LABOR productivity - Abstract
This article focuses on factors responsible for a country to capture a significantly larger share of world trade in manufacturing in short time. India and Great Britain are short of arable land, relatively to population. Hence, as their national incomes rise, whether because of population growth or because of growing productivity, both need to import more food and raw materials. In recent history, four countries have captured substantial shares of world trade in manufactures over short periods. The first was Great Britain, starting at the end of the Napoleonic Wars and continuing until about 1860, during which period the volume of her exports of manufactures increased by 5.6 per cent per annum. The second country was Germany, capturing about 6 per cent of world trade between 1890 and 1913. Thirdly, the United States, which even more spectacularly captured 6 per cent between 1890 and 1899-not to mention the even larger gains resulting from two world wars. Finally, there is Japan, whose capture of 3 per cent of world trade in manufactures between 1929 and 1937 attracts special attention mainly because it occurred over a period during which the total volume of world trade contracted.
- Published
- 1957