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• W19982280 abstract "I. INTRODUCTION: THE DEFICIENCY OF EFFICIENCY In 1387, an English princess, Philippa of Lancaster, married the Portuguese king, Joao I, to cement an Anglo-Portuguese alliance that was to last for more than 500 years.(1) The alliance had important trade implications. Philippa provided royal patronage for English commercial interests that sought to meet the Portuguese desire for cod and cloth in return for wine, cork, salt and oil shipped through the English warehouses at Porto.(2) In this way, English woolen goods were introduced to Portugal while fortified Portuguese wine, better known as port, eventually became the drink of English drawing rooms. This simple exchange of wine-for-woolens persisted for centuries and was later used by the English economist David Ricardo (1772-1823) to illustrate his theory of comparative advantage.(3) The theory postulates that countries trade the goods they are most efficient at producing.(4) Economic efficiency is, in turn, a function of endowments, including a country's natural resources, industrial base and the size and skill of its workforce.(5) In Ricardo's classic example, Portugal traded wine for woolens, presumably because grape growing was more favorably conducted in its warm climate and dry soil. England traded woolens for wine because sheep raising and cloth production were easier in its temperate climate and soil. Each country enjoyed more goods with trade than without because specialization based on factor endowments made both more efficient. Portugal's surplus wine and England's surplus woolens could be exchanged for the good that each country did not produce. Because Portugal produced wine more cheaply than England, it was cheaper to buy wine from Portugal; England could achieve both greater efficiency and lower price for wine by specializing in woolens and buying wine abroad. The same was true for Portugal with respect to woolens, but in reverse. Both countries were better oft through specialization than they would be by continuing to produce goods they couldn't make as efficiently as their neighbors. In modern times, Ricardo's theory of comparative advantage has been applied to multilateral relationships and has become a central tenet of the world trading system, now arranged under the institutional framework of the World Trade Organization (WTO).(6) However, Ricardo's theory does not mention the painful transition that presumably had to take place among Portuguese sheep farmers and English grape growers for Portugal and England to realize the full benefits of comparative advantage to be realized. This pain, thought of in economic terms as adjustment costs, formed part of the bottom line in determining whether Portugal and England traded at all. The model also does not account for externalities,(7) or side effects that international exchange can create. Ricardo's wines-for-woolens example fails to consider, for instance, the trade-induced influence that England assumed in Portuguese foreign affairs for several centuries.(8) Simply put, the bigger picture is not addressed. Thus, comparative advantage is attractive when considered from a strictly economic perspective, but when examined more broadly, and particularly in terms of social phenomena that are inherently harder to quantify, the theory's potential repercussions give cause for reassessment of its result. Despite concern, the efficiency of comparative advantage is a popular idea today. People everywhere are portrayed as happy producing, trading, and consuming. In this slightly Orwellian environment we have no other vision of a dominant social goal. The psychology of productivity has become so all-encompassing and successful that we do not think of alternatives. The end of communism removed the last competitor to consumer-based capitalism from our economic imagination, and the relatively swift makeover of former socialist regimes has only reinforced our belief in the essential correctness of capitalism. …" @default.
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• W19982280 date "1998-01-01" @default.
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• W19982280 title "When Cultural Identity Was Not at Issue: Thinking about Canada - Certain Measures concerning Periodicals" @default.
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