Economics focus

摘要

Giving the Hayek Memorial Lecture at the Institute of Economic Affairs in London this week, Martin Wolf, the chief economics commentator of the Financial Times, began by quoting Adam Smith: What is prudence in the conduct of every family can scarce be folly in that of a great kingdom. If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in which we have some advantage. There you have it: the case for globalisation. The rest, you could say, is details. Unfortunately, many people remain unconvinced. What about fairness and justice, principles which everybody believes should regulate the conduct of individuals? How could today's staggering discrepancies between the richest and poorest countries ever be justified?