Infant Capitalists, Infant Industries and Infant Economies: Trade and Industrial Policies at Early Stages of Industrialization in Africa and Elsewhere

Akbar Noman
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Akbar Noman: Columbia University

Chapter 4.4 in The Industrial Policy Revolution II, 2013, pp 281-292 from Palgrave Macmillan

Abstract: Abstract Adam Smith explicitly assumed the existence of a class of capitalists. He spoke of a “previous accumulation” of wealth in the economy into the nature and causes of whose wealth he was inquiring. This “previous accumulation” predated and preconditioned his analysis: “the accumulation of [capital] stock must, in the nature of things, be previous to the division of labour, so labour can be more and more subdivided in proportion only as stock is previously more and more accumulated.”1

Keywords: Trade Policy; Industrial Policy; African Economy; Washington Consensus; Infant Industry (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-137-33523-4_11

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DOI: 10.1057/9781137335234_11

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