Inhaltsangabe
Excerpt from Economics: Lesson 10
In dealing with thissubject, as indeed with most others, one must begin by a definition. What do we mean by International Trade? What is the economic definition of a nation? Bagehot says that a nation, in the economic sense, is a group of producers, within which labor and capital freely circulate, and adds the corollary that labor and capital will not, as a rule, migrate beyond the bound aries of the nation. Hence, the essential characteristics of a nation, from our point of view, are: (1) Free circu lation of labor and capital within that particular group of producers; (2) more or less complete immobility of all the agents of production as-regards transfer to other groups.
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