gains from trade The increase in output or welfare received by a country, or the world as a whole, through international trade making possible specialization of production. The theory of comparative advantage demonstrates how this is possible. Galbraith, John Kenneth, 1908 A Canadian-American liberal economist who has achieved astounding publishing success in his topics on […]
Fordism A late, and successful, stage of capitalism characterized by large-scale production, semi-skilled labour, easy credit and mass consumption. This concept is based upon the production methods of the Ford Motor Company, particularly its use of assembly lines for automobile production. foreign aid Grants, loans on favourable terms or the supply of services by governments […]