SOME ORIGINS OF ECONOMIC TERMINOLOGY: W. ARTHUR LEWIS

May 1, 2011 at 11:52 pm | Posted in Books, Economics, Globalization, History | Leave a comment

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W. Arthur Lewis and the origins of economic terminology:

Core and Periphery and Engine of Growth

The words we now use we owe to Dennis Robertson and to Raoul Prebisch.

Robertson, writing in 1938, referred to international trade as ‘the engine of growth,’ and Prebisch writing twelve years later referred to the relations between the industrial world and the ‘periphery.’

These writers had their own definitions. In this study we shall divide the world into ‘core’ countries and the ‘periphery.’ The four core countries will be Great Britain, France, Germany and the United States.

The ‘engine of growth’ is the industrial sector of the core countries taken together. Our prime concern is therefore the response of the periphery to the engine of growth in the core.

This atrocious mixing of metaphors may perhaps symbolize the confusion  of the subject matter itself.

“Growth and Fluctuations 1870-1913″,  page 16

W. Arthur Lewis

George Allen & Unwin 1978

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