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Copyright © Cambridge Political Economy Society

research-article

Rethinking classical trade analyses within a framework of capitalist development

P. Sai-wing Ho*

*University of Denver

Abstract

A classical trade theory which comprises Smith's ‘productivity theory’, Ricardo's reasoning against the Corn Laws, Torrens's argument for extended colonisation, and Mill's recommendation to ‘send capital abroad’, is advanced. It portrays England's economic expansion in the nineteenth century. Lacunae exist, however, because of these economists' belief in the automatic spread of industries to the ‘agricultural countries’, and their inattention to the economic advances made by the ‘late-coming’ capitalist countries as well as the impact of England's capital exports on the ‘capital-importing’ countries. Subsequent researches which address these and which relate to current debates on theories and policies are discussed.

Manuscript received February 21, 1994; final version received November 14, 1994.


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