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The new trade theory picture of the world looks something like this: Each country has, at any given time, a set of broad resources—land, skilled labor, capital, climate, general technological competence. These resources define up to a point the industries in which the country can hope to be competitive on world markets. But a country's resources do not fully determine what it produces, because the detailed pattern of advantage reflects the self-reinforcing virtuous circles, set in motion by the vagaries of history. (en) |
