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Copyright © Cambridge Political Economy Society

research-article

Dynamic home-made ratios of commodities: the application of Pasinetti's vertical hyper-integration to trade in capital goods

Sobei H. Oda*

*Kyoto Sangyo University E.Mail:oda{at}kyoto-su.ac.jp

Abstract

Commodities are not completely home-made if their production requires imported capital goods directly or indirectly. Applying the concept of vertical hyperintegration developed by Pasinetti to the global economy, this paper defines the dynamic home-made ratio for each commodity, which can explain the effects of home and overseas changes in technology and growth rates of consumption demand on the balance of payments. The analysis deepens the understanding of the concept of home-made ratios, which is often referred to without exact definition, and of NIEs, which have repeatedly suffered unfavourable trade balances despite the strong performance of their exporting industries.

Manuscript received October 28, 1991; final version received June 18, 1993.


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