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A New Vocabulary for Trade
Aug 4, 2005 | WSJ pg. A.12 | Jagdish Bhagwati. The flat world
metaphor is, , both inept and mistakenly alarming. The real problem in
the increasingly globalized economy is rather that most producers in
traded activities -- an expanding set because services have become
steadily more tradeable -- face intensified competition. A specific
producer here will find rival suppliers stealing up on him from
somewhere, whether Portugal, Brazil or Malaysia, indeed from sources
which may not include India and China....Historically, comparative
advantage was "thick," shielded by big buffers. This is no longer so:
not predictably from India and China, but almost certainly from
somewhere. Hence I use the metaphor: "kaleidoscopic comparative
advantage." Today, you have it; but in our state of knife-edge
equilibrium, you may lose it tomorrow and regain it the day after.
...[How quickly can Ontario's colleges pull together a new course? How
much of the content is general vs. specific? for Dianne-- pinboard search on "institutional_integrity" "legal system" ]
ProQuest  flat_world  globalization  Tom_Friedman  metaphors  India  China  comparative_advantage  impermanence  transient  kaleidoscopic  instability  accelerated_lifecycles  global_economy 
december 2010 by jerryking
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