By Miroslav Jovanovic
This article brings evolutionary economics to undergo upon monetary geography in a coordinated learn of the eu Union.
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There is a limited scope to decompose a complex system into stable and self-sustained components. • A spontaneous change in the behaviour on the micro level may have a strong impact on the macro structure. • Complex feedbacks among components are non-linear and various. • The system has adaptive potential, both for changes that emerge from within and for those that arrive externally. • The system is non-deterministic. Even if one is fully familiar with the operation of all individual components, the behaviour of the whole system may not be predicted with a high degree of reliability.
In spite of general interest, there is no wide consensus in the literature about the factors that influence the location of new businesses. The problem was noted, for example, by Ohlin, who wrote that ‘the theory of international trade is nothing but internationale Standortslehre’ (teaching about international location) (Ohlin, 1933, p. 589). In the same vein, Isard wrote that ‘location cannot be explained without at the same time accounting for trade and trade cannot be explained without the simultaneous determination of locations.
Both the US and the EU argue in favour of free trade. China has a comparative advantage in producing textiles and is using it, just as Kuwait did in the production of crude oil. Bearing these facts in mind, what right have the EU and the US to lecture others about the benefits of free trade? What right have they to complain that other countries are too slow to open their markets? Is it hypocritical to blame others for Theory 19 their own home-adjustment failures? The best way to show the benefit of liberal trade to others has always been to lead by example and to be in the forefront of market opening.