International division of labor and import substitution in the UK in the 19th century

Authors

V. A. Petukhov
Financial University under the Government of the Russian Federation, Russian Federation

DOI

https://doi.org/10.31429/2224042X_2022_65_27

Abstract

The issue of import substitution was debated in England in the 19th century in the form of a debate on the Corn Laws – which is better: to produce your own grain and expensive or to buy cheap and foreign? It is shown that the second option is more profitable because here the benefits of the international division of labor come into play. The conclusion is drawn, which is true both for the Great Depression and for the sharp recession in the economies of the former socialist countries in the 1990s, that the collapse of the common economic space leads to serious crisis phenomena. The successful experience of import substitution is analyzed on the example of the development of the textile industry in England.

Keywords

non-primary non-energy exports, products structure of non-primary exports, geography of non-primary exports, structure of non-primary exports by redistribution, financial and non-financial support for exporters of non-primary products, high-tech export products

Author Info

V. A. Petukhov

Candidate of economic sciences (Ph. D.), Senior Lecturer, Senior Lecturer at the Department of Economic Theory at Financial University under the Government of the Russian Federation

References

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Article Details

Issue

2022 · No. 1 (65)

Section

Global Economy

Publication History

Published 2022-03-09

How to Cite

[1]
Petukhov V.A. International division of labor and import substitution in the UK in the 19th century // Economics: Theory and Practice. 2022. No 1 (65). С. 27–36. DOI: 10.31429/2224042X_2022_65_27

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