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COMMENTS ON FACTOR PRICES AND INCOME DISTRIBUTION IN LESS INDUSTRIALISED ECONOMIES, 1870–1939: REFOCUSING ON THE FRONTIER
Author(s) -
Harley Knick
Publication year - 2007
Publication title -
australian economic history review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.493
H-Index - 16
eISSN - 1467-8446
pISSN - 0004-8992
DOI - 10.1111/j.1467-8446.2007.00210.x
Subject(s) - frontier , globalization , economics , convergence (economics) , perspective (graphical) , economic geography , element (criminal law) , distribution (mathematics) , core (optical fiber) , neoclassical economics , income distribution , economic system , macroeconomics , market economy , political science , inequality , law , mathematical analysis , materials science , mathematics , artificial intelligence , computer science , composite material
A great deal of the current research into nineteenth‐ and twentieth‐century globalisation has been focused through a neoclassical trade theory lens. Applying the Stopler‐Samuelson paradigm from Heckscher‐Ohlin trade theory, the result is an approach that sees price convergence as pivotal in defining, identifying, and measuring globalisation. This focus, however, obscures the implications of frontier incorporation and other insights achieved by viewing nineteenth‐century globalisation as a mechanism whereby peripheral economies were incorporated into the core of organised economic activity. A frontier‐centred perspective also reintroduces the role of economic institutions as a crucial element of economic growth and development.