Economic Expansion and International Trade*
THE problem of the effects of economic growth on international trade has excited increasing interest since the war, in connection with discussions of ‘dollar shortage’ and the development of ‘underdeveloped countries’, and more recently of Britain’s long-run economic prospects. This chapter examines, as a background to such discussions, the theoretical effects of economic expansion on the volume and terms of trade between manufacturing and primary-producing countries. By ‘economic expansion’ is meant the growth of output, whether as a result of population growth, capital accumulation, or technical progress: it is assumed that these causes of expansion can in principle be isolated one from ...
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