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Economics of International Trade

Nature volume 158, pages 616617 (02 November 1946) | Download Citation

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Abstract

In Pamphlet No. 7, “International Trade”, in the “Looking Bibrward” series issued by the Royal Institate International Affairs, G. A. Duncan point krst that international trade between two really means a multitude of independent tactions linked by nothing more serious than the Lent that their participants happen to live in two politically defined areas; hence, while all the problems, spurious as well as real, would still be there if the world1 was politically unified, they would not be linked up with political units and. political power. He then attempts to set out the nature of the principal questions that arise on the assumption that one State, one supreme political government, embraces the whole earth. The complications introduced by the existence of sixty-odd sovereign and independent States are then considered, and the conditions precedent to the revival and growth of international trade in the post-war world are indicated. International trade, Mr. Duncan argues, consists of an economic substratum overlaid by a political scum. The economic reality is that the real welfare of the world's human population is a function of the optimum use of its diversified resources-mineral, vegetable, animal and human-under contemporary conditions of technical knowledge.

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https://doi.org/10.1038/158616d0

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