Paper uses a new pre-1940 Third World data base documenting real wages and relative factor prices to explore their determinants. There are three possibilities: external price shocks, factor endowment changes, and technological change. As the paper's title suggests, technological change is an unlikely explanation. The paper lays out an explicit econometric agenda for the future, although more casual empiricism suggests that external price shocks were doing most of the work, and declining-transport-cost-induced commodity price convergence in particular.
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Library ResourceJanuary, 1999Europe, Latin America and the Caribbean
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Library ResourceJanuary, 1999Europe, Western Asia, Latin America and the Caribbean, Northern Africa
Localization—the growing economic and political power of cities, provinces, and other sub-national entities—will be one of the most important new trends in the 21st century. Together with accelerating globalization of the world economy, localization could revolutionize prospects for human development or it could lead to chaos and increased human suffering.Improved communications, transportation and falling trade barriers are not only making the world smaller they are also fueling the desire and providing the means for local communities to shape their own future.
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