Question

Why did classical economists consider trade as the ‘engine of growth’? What is the counter-view projected to this? Discuss

Answer 1

Although the rate of economic growth and the space and pattern of economic develop­ment depends primarily on internal conditions in developing countries, international trade can make significant contribution to economic development. Clearly, growth can have a major impact on international trade. There is also likely to be an impact in the other direction—from trade to growth. 
The classical economists like Adam Smith and David Ricardo first found interest in the role of trade in economic development. They have sang the praise of free trade based on compara­tive advantage. The principle of comparative advantage holds that each country will benefit if it specialises in the production and export of those goods that it can produce at relatively low cost. Conversely, each country will benefit if it imports those goods which it produces at rela­tively high cost.

The classicists advocated the doctrine of laissez-faire (non-interference by the government) even in international trade (and not just in domestic matters). Such adherence to completely free trade, they thought, would promote the maximisation of welfare for the world and the member countries in the world trading system.

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