The term imperialism is often related to the European influences on Africa and Asia and other parts of the world. Its motivation has always been to advance Britain’s’ industrial economy to other nations. There has been a persistent pressure by Britain to extend its empire to other countries. Cain and Harrison (2001, p. 270) note that dominion has often been used as a force to ensure compliance in the integration of the Britain economy into foreign markets.In only 3 hours we’ll deliver a custom Export Imperialism: Export and Export Initiatives essay written 100% from scratch Get help
Cain and Harrison (2001, p.270) looks at the term imperialism as “a diverse response to a common opportunity that consists of the disparity in power.” Well endowed nations economically look out for opportunities in other nations by taking advantage of disparities in terms of technology, resources and production. Crossing into other nations’ borders is always characterized with some sort of resistance that is resolved through coercive conditions or negotiations.
From the nineteenth century, Britain has been out to advance its superiority without restraint. Nations that have been subject to the imperialistic influence of Britain have all along strived to protect themselves from the influence. This is because of the power disparities that expose the weaker parties to humiliation and competitive disadvantage. Developed nations are highly determined to protect their position by propagating the “imperialism of turbulent frontier” (Cain and Harrison, 2001, p. 271).
Drawing a Connection to Economic Imperialism
Arendt in Smith (2003, p.40) examines imperialism from the dimension of Europe expanding its tentacles to Africa and Asia together with “the racism, exploitation and the violence” that was enshrined in the process. To this level, Arendt asserts that unlike colonialism which was focused on the spread of laws and the ethics of the colonial masters to their colonies, imperialism focused strictly on expanding the economic interest of the colonial masters to the colonized nations. Often the colonial masters were interested at making economic gains at the expense of the colonized nations.
The Historical Overview
Imperialism is regarded an offshoot of colonialism which is traced back to1880s during the reign of Cecil Rhodes. Smith (2003, p.41) points out that Imperialism contributed to the extension of economics into political circles and focusing on expansion of business empires to other nations as the main plan. Colonialism and imperialism were perpetuated through different activities; imperialism was perpetuated even in countries that were not colonized such as China. The western countries capitalized on the economic links with china to spread imperialism in china. Smith (2003, p. 23) suggests that the “establishment of treaty ports which led increased industrialization was skewed to the interests of the foreign investors rather” than the locals.
There is a close connection between the aspects of imperialism as described above in relation to economics. Economic theories are focused on maximization of resources and profits. The basic concept in the development of any economic theory is on testing of the maximization of output and minimization of the inputs. Often theory results that are contrary to the expectations-maximization are always re-examined and revised to reflect optimization. Optimization has constraints which must be understood well in advance and appropriate measures taken to reduce negative impacts from the restraints.
The emphasis on optimization enables the theorists to foresee possible behavior response to an economic incentive. The major consequence of maximization lies in the trade-offs which implies that economics has to pull out to other areas. In this process, product cost and price play a role in influencing consumer behavior. Choice is also a major aspect of consideration to economists when developing theories. Choices affect the behaviors of both product consumers and producers.Academic experts
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Another aspect that is regarded in economic theories is equilibrium. Economists strive to strike a balance. Supply and demand serve as the main tools that economists use in making provable forecasts about. The supply and demand curves are very important tools when it comes to determining the state of equilibrium in a market. Efficiency has also been viewed as an important factor for economists. Referring to Smith’s “invisible hand,” as people act to serve their own interest, they contribute to the realization of the goals of the society.
In this essay, there is a clear claim that economics has been successful in furthering imperialism. Lazear (1995, p. 8) defines economic imperialism as “the extension of economics to topics in a usual reach on issue”. Such issues Lazear says include; “markets, theory of firms, consumer choices and macroeconomic activities.” These areas were initially deemed to be outside economics but they can now be analyzed using economic imperialism.
Market testing is the only sure way to prove the success of economic imperialism. By testing the markets, economists extend their influence to those involved in the market’s activities. In this way, players in the market are influenced to re-examine the existing economic approaches and focus on issues that were not of economic interest in the past. Lazear (1995, p. 9) supports this view by pointing out that scholars in other fields such as law, politics and sociology use economics’ theories to finds solutions to problems in their fields of study.
Export and Export Initiatives
In the early colonial days, the term imperialism referred to the extension of one nation’s territory to other nations. Today the term includes; economic domination, export and military grand. Developed nations have been actively involved in developing export initiatives to promote export business. The motivation has been that the practice involves countries to earn foreign exchange and at the same time get market for products produced locally. Developed nations have a better competitive advantage in terms of high technology which enables them to cut costs in production.
Developed nations on the other hand have instituted stringent conditionalities to developing nations to for their products to enter the export market. There seems to be a clear aspect of unbalanced trade relationship in terms of export and import. Developed nations are calling for free trade or elimination of trade barriers. This call is meant to allow free movement of goods from one country to another without trade barriers or tariffs. This practice is dangerous to the industries of developing nations as it is bound to create an unfair competition to the local industries which could cause them to fold.
Smith (2003) indicates that a total of Euro 43.6 Billions was spent on export spromotions initiatives between 1998 and 2000. The funds was used to promote collaboration between firms to enable them mobilize their resources to access foreign markets. The support designed for the firms to enable them enters the foreign markets included; provision of export insurance, financial support, investing in better industrial processing mechanisms and formulation of an international legal system that allows the firms to access international markets. Other support measures pointed out by smith (2003) focused on reforms in the tax and offering training on how to enter the export market.
The fact that some nations produce goods that are more than what the local markets can buy is often linked to highly responsive markets. Hobson asserts that an opportunity to save more than normal arises when firms earn excess profits and control the profits. In this case; he suggests that the Keynesian model can be used to solve the problem: the state should institute measures that redistribute consumer authority. Problems often arise when the state steps in and instead redistributes the “consuming powers to a politically correct class” (Smith, 2003).15% OFF Get your very first custom-written academic paper with 15% off Get discount
Studies indicate that capitalism failed to develop agriculture which has made it to remain behind as an industry. The argument that arises from this is that if capital had been used to develop the agricultural industry, poverty and hunger would be solved with ease. The result is the skewed development resulting in what Lazear (1995) calls “the petty-bourgeois critics of capitalism.” Capitalism is criticized for being the cause for unbalanced development. Smith (2003) concludes that the unbalanced development resulting from capitalism is unavoidable but also essential. Always the extra capital is exported to developing nations so as to increase profits at the expense of raising the living standards of the common people.
Developing countries have less capital but other factors of production such as land, labor and raw materials are cheap. Capital demand is therefore high in these nations and the countries that export capital to them fetch high profits for it. Developing nations are drawn to course to accept capital. Further, because of the undeveloped agricultural sector and high poverty index, there is no gainful investment for capital in the developed nations hence the need to export it.
Lazear (1995) estimates that about “200,000 million Francs of capital was invested abroad by the Great Britain, German and France” the year just before the First World War. Lazear further argues that the three nations gained a profit of at least 5% from the export. This is a clear indicator of the oppression of imperialism; the practice puts enormous wealth in the hands of a few nations and leaves the rest of the world wallowing in abject poverty.
The History and Development of Export
Export trade is often thought to have begun way back in the 11th century, however, Britain’s’ official export trade is traced back to 1847 when both sugar and cotton under” Act 14 of 1836 was exported to the ports of Britain without any trade barriers” (Smith, 2003). Various tariff prohibitions and barriers to international trade that had existed before were modified or scrapped in the 19th century. Creation of colonies in various parts of the world helped in the establishment of more networks that later enhanced the development of international trade.
Changes in policy and creation of colonial empires acted as catalysts to the development and growth of export trade. Cain and Harrison (2001) indicate that “Europe’s export trade multiplied by a factor of 40 between 1815 and 1914.” The world war effects slowed down the export rates considerably. Growth rates which had reached a high of 14% by 1914 dropped to 6% in 1930s. The main international trade policy in application at this time was based on tariffs.
Europe has been the major player in export business from the beginning to date. Its export volumes for example in 1840 contributed 67, 000 million US dollars to the GNP compared to Russia which gained only 12,000 million US dollars and emerging the second highest. Europe’s income from export grew to 240,000 million dollars in 1910 and was still holding the lead in export.
The chronology of the growth of export trade in the world begins with the first stage that was marked by protectionism in the 14th and 15th century. The stage was followed by a state of transition which was characterized by formulation of international policies to lay ground for international trade. Between 1940s and 60s, the influence of the British trade liberalization had infiltrated several other nations. The high economic gains made by Britain due to the liberalization policy became a benchmark for other nation’s trade policies.Get your customised and 100% plagiarism-free paper on any subject done for only $16.00 $11/page Let us help you
Export dependency refers to a state where a country’s larger part of the GDP is generated from exports. As already outlined in this essay, developed nations create a surplus in capital which is invested, which leads to offshore investment. Availability of market in the export markets has further motivated intensive exploration in export. The export sector provides employment to millions of people either directly or indirectly. The NTIA cites that employment rates grew from the rate of 11.6% to 18.9% between 1970 and 1920. The dependency is predicted to grow at even higher rates with time as a result of increase in volumes of export.
Most nations especially in the Middle East have positioned themselves strategically to increase their export to developed nations. The aim of increasing exports has always been to achieve high per capita income. Increase in per capita income has been essential in creating global influence for the nations. It is a fact that nation’s global influence is basically based on its economic performance. The problem however is that the “domestic demand in such nations is hampered by low per capita income,” this in the long run has reduced the social security savings and the state annuity programs (Cain and Harrison, 2001).
Another danger that export dependant nations face lies in the unstable nature of the global prices. Countries whose economies are dependent to export are more vulnerable to the effects of global economic recessions. Recessions reduce the purchasing power of the nations which provide market to the exports. The demand of the manufactured goods drastically goes down during the global recessions creating a surplus of manufactured goods in the nations that are dependent on export. Every nation needs to diversify income sources through taxes and other domestic ventures so as not to rely heavily on export.
Export initiatives are about trade agreements signed between various nations spelling out trade conditions to govern their trade engagement. The US has especially been active in developing free trade agreements with other nations. The trade agreements spell out conditions that provide favorable business interaction between the nations. Export initiatives tries to negotiate for lower or even total elimination of trade tariffs. This is a call however that has received a lot of opposition from developing nations citing unfair competition from developed nations.
Export initiatives also look into the aspect of intellectual property rights. The practice where people still intellectual property, own and reproduce it at the expense of the original copyright holder is very rampant in the world today. The problem even becomes more serous when a product is to be distributed in the international markets. Export initiatives seek to establish legislations to protect intellectual property rights holders from unscrupulous piracy on their products.
Other areas that the exports initiatives are concerned with include; negotiations on tax regimes, and products standards. Products standards factor is implemented through the agreement to protect either of the countries involved in the export trade from being used as a dumping ground for useless products. It provides for the minimum measure required for a product to enter the export market.
Export Growth vs. Economic Growth
The export sector has found great importance in the modern world. Economic research point out high correlation between export growth and economic growth rates. Small and often poorly developed markets in developing nations forces governments to seek foreign market for the surplus productions. Developed nations on the other hand export because of high capital formation. Most economists have criticized the role of export in the development of developing economies. They argue that a country can only gain meaningful development from exports after attaining minimum growth standards.
Both Belassa and Tyler in their studies on the effect of export on economic development of the developing nations confirm that exports lead to economic growth. Exports increase a country’s GNP leading to enhanced economic growth. Countries earn foreign exchange from exports; the foreign exchange is invested in other economic sectors leading to accelerated economic development. Besides, export trade also creates employment for the citizens which further improves their participation in the economy.
The positive impact on economic growth is higher for middle income nations that the low income nations as pointed out by Cain and Harrison (2001). Middle income nations are in position to compete favorably at the international market than low income nations. Low income nations suffer the unfair competition in the export market as a result of poor technology that makes them less competitive to the developed nations (Gnos and Rochon, 2008). Manufacturing processes in developed nations is carried out by the cutting edge technology that allows savings on production costs. They are therefore able to price their products competitively than the developing nations.
Economic open-market theories
Many economies have grown as a result of openness. Argentina and Brazil’s economic policies since 2000 can give a good example of the importance of the open market in economic development. Argentina’s economy has been dwindling as a result of the convertibility regime and the policy to protect its economy from external influence by instituting trade barriers. Brazil on the other hand operated on an open market and has been able to gain a remarkable economic development from 2000.
Smith (2003) found out that the open market policy allowed developing nations to increase their “exports from 12 % of the global GDP in the 70s to 29% in 2001, the FDI in the same period rose from 0.1% to 3%.” International integration can be likened to Smith’s theory of the “invisible hand.” In the theory, Smith points out that as every individual tries to satisfy their own interests, they find themselves contributing the development of the whole society.
Smith (2003) indicates that countries with “high international trade competition enjoy low price margins on imports.” Trade restrictions only limit the inputs that the local firms access to utilize in their own production as well as the consumer choice. This limitation plays a big role in price inflations. International integration also helps the local firms to be able to leverage on the technology from other nations as well as skills in manufacturing processes. Nicholas Kaldor emphasizes the importance of the manufacturing sector in stirring a country’s economic development. Enhancing the manufacturing sector can stir up the development of the economy by increasing export volumes and creating employment.
Balance of Payments
Many countries have focused on developing policies that encourage direct foreign investment. The tool has been used to enhance technological advancement in assisting the host in producing goods that influence economic growth. Direct foreign investment has been viewed as a means by which countries stimulate economic growth by earning foreign income through participation in international trade thereby influencing domestic capital for exports. The policy assists in technology transfer of available products to foreign markets.
Setterfield (2002) points out that balance of payment allows accessibility to wider and new foreign markets thus providing a ground for facilitating training of domestic workforce for both management and technical skills. Concisely, the change in foreign prices and income can help stimulate a country’s economy due to lowering or replacing home saving by increasing exports. Moreover, foreign investment, as it target mainly the host country’s local market hence not increasing growth, or it subsequently help in streamlining the country’s flexible merits by focusing solely on local productions i.e. raw materials and labor force.
FDI plays a role in regulating how countries earn foreign income and stabilize their economies at the same time (Setterfield, 2002). This has attracted substantial rise on the inward FDI. FDI has influenced this in a variety of ways. First, it has tremendously increased the capital stock in the local economy by financing the formation of capital markets. secondly, it has encouraged technological merging in host economy production, in this view, the FDI technological aspects has counterbalanced the outcome of the law of diminishing returns to capital and helps the host country to forge a clear standard of its economy on a long term perspective. The FDI plays a pivotal role in providing information on stock in the local country by promoting economy through training and skills acquisition.FDI also enhances application of alternative knowledge on organization setup and management ethics. Thus through knowledge and capital amassing, FDI has provided an opportunity for economic growth.
Foreign trade has been an avenue of stimulating economic growth and helping host country to increase per capita income. This is achieved by augmenting local capital for export and enhancing technology transfer. Exports facilitate economies to venture into specialization in the way they produce their commodities in some ways (Dixon and Thirlwall, 1978). First, resources that are accrued from this savings increase the host savings. Secondly, trade gives an avenue where surplus produce resources are brought into good usage. Lastly, the expansion of production channels which are affected by access to new decisions, knowledge, technology and competition are a possible gain that is achieved through export.
Improved export’s performance enhances the saving a variety of ways. First, exports especially the production of primary products gives huge income and facilitates high saving standards. Secondly, countries with good export performance have grown towards facing fewer foreign exchange bottlenecks on their investment and hence are able to have incentive to more saving. Setterfield (2002) asserts that the performance of the foreign trade, taxes which are a major revenue source tend to make countries increase their income and improve the savings.
Per capita income and growth rate which normally in the saving equation is a fair standard justifies growth rate in-line with rapid expansion and consequently leads to change in income and patterns of spending and consumption. This in turn leads to temporary income pertaining to permanent income. Temporary income has greater influences on the saving capacity than the latter. Per capita income influences inconsistent on how the state of progress of a given country and favors income saving.
International trade has impacted on how the balance of trade has to be achieved by most countries in the world. This conversely affects the way wealth creation and domestic jobs are governed. Dixon and Thirlwall (1978) suggest that there is a great comparable difference in agreements on how international trade policies and relations are better suited to encourage a suitable inflow of foreign exchange. Economic theories to outline how countries manage the balance of trade have been evolving overtime. Autarchy, which designates no trade, has been applied by some countries in an attempt to reduce the imports and exports by compelling their trade partners and subjects to hold on to their local economy (Gnos and Rochon, 2008). This practice often leads to decreased financial flow.
Countries that have adopted this practice face numerous governance problems. The policies create more loopholes for corruption deals in the government. Corruption is a big evil to economic development especially in developing nations. Corruption as supported by (Dixon and Thirlwall, 1978) has led to the collapse of many economies as a resulting of rampant looting from the national coffers. The belief is being overtaken fast as time goes by as a result of the envisioned of trade alliances. The mercantilism which designates trading for national interests, has been embraced to enhances financial inflow to countries because the world has been known to have infinite wealth therefore when a country receive more than expected, although others tend to miss.
There is restriction of imports and an incentive is provided to subsidize or encourage the importance of exports to help develop local economies better their citizen’s living standards. Most countries are in favor of the policy to expand their economy and wealth by widening their exports. This allows them to reduce dependency on imports. Third world countries for example have been doing great efforts to create and widen their export markets at the same time taking precautions to safeguard their local markets to keep down foreign imports.
Protectionism helps in creating a balance of trade between countries by providing avenues for countries to increase their financial inflows. Protectionism is imposed by putting restrictions or imposing tax on imports to protect local industries and protect the job market for the citizens. The benefit of protecting jobs at home gives countries more weight because it gives more weight and that any loss will result in consumer surplus precipitating imposition of higher price after tariff.
Local production of industries should be motivated to concentrate on production of goods which meet the needs of the home industries to curtail many imports whereas concentrating on local products. For example some countries have narrowed the production of goods which target specific of consumers i.e. in the case of the United States military for example developed the space program specifically to help aerospace industry to grow. The policy also promotes growth and expansion of industries and lays a foundation for protecting and encouraging industries in home country markets. The new trade policy in having increased financial inflow has been practicing fair trade between countries. It’s a new shift in the global economies and it tries to establish a link by practicing trade directly with the producers. This has been done mostly in the third world countries. It is achieved by involving the consumer directly by bypassing the middlemen in the trading process. The policy brings about increased profits and creates a good balance of trade between countries.
Free trade policies have been pursued to encourage higher inflow of foreign exchange to most economies. Because of no restrictions, such as trade barriers, tariffs, taxes among other levies, countries tend to do their best in order to benefit and increase their wealth. Unlimited market environment enables easier accessibility of goods and services by people and facilitates resources being directed to countries which are resourceful. Concise way of engaging in this trade by countries, free participation should be emphasized and encouraged and its interests should surpass national interests and ideologies. Countries should have proper and well outlined structures which provide a balance of trade at the same time influencing generation of foreign exchange.
Free trade plays an important role in helping countries with multinational company’s presence by creating avenues for their products to have access to the international market. This is hard in a situation where countries implement trade restrictions. Free trade enables participating nations to increase there income through exports. Consumers also get the advantage of choice by being exposed to a variety of manufactured goods. Competition helps in lowering consumer prices. Companies faced by competition challenges have to be innovative in order to remain vibrant in the turbulent market. It is worthy noting that innovations focus on reduction of costs in production processes thus further reducing the consumer prices. Countries that have embraced this policy have seen their financial gain increase. Balance of payment which necessitates Inflows and outflow of wealth to any national economy that does not convene a balance is poised to meet a balance involuntarily to zero in regard to international standards set.
Export dependency by most third world countries has been seen as a threat to growth on most economies. The dependency arises when a higher share of the gross product of the economy is being generated by the export. Though this has been viewed as a roadmap to development, it has also been associated with retardation in growth. Over dependency on export trade has uncertainties such as decline of trade terms and fluctuation of world market prices can sink an economy into a deep havoc in economic policies and planning of a country over the time.
This vulnerability is heavily witnessed by countries whose survival is entirely on foreign markets of which they do not have control. Dependency on export has resulted in shifting to only one area of the economy and thus weakening other avenues which might have necessitated growth. Most developing countries for instance have solely based their produce on one produce e.g. oil and other raw materials. This promotes poor diversification, despite several years of economic globalization; some countries have based their revenue accrual through exportation of raw material. Raw materials are often affected by the influence of global price instability and intermittent interruptions.
Countries which stick with the idea of leaning on export economy remain on a slippery rope where today market globalization has enhanced integration of industries. Sticking with one raw material export is not an incentive enough to drive such nations out of poverty. The reason for the decline of export trade in raw materials is because the world demand for this commodity is being sidelined. The global supply market is is very dynamic. Additionally, as most of the producing countries are poor, they have less foreign earnings which is necessary to pay for imports and service their debts. This has made these countries to have big incentives to keep producing the available raw materials in the export world nevertheless of prices in determination that the quantity will compensate for the falling world prices. On the demand perspective, the world is utilizing the available resources in a more diligence and efficient ways and it tends to utilize maximally services and products that do not necessarily involve more of the raw materials.
The Keynesian multiplier is a concept that has been attributed on how economic growth be achieved by stabilization. This is a concept that used to establish how the dependent variable changes in reaction to change in an independent variable (Gnos and Rochon, 2008). The changes are commonly known as exogenous and endogenous factors. The concept plays a critical role on how economies spend in order to get back rewarding feedback. The monetary aspect of Keynesian multiplier is referred to as the fiscal multiplier and has influenced how economies can apply this theory to predict its economical spending and consequently the possible outcome.
Countries which tend to pump more money in its economy apply this concept to forecast their performance in the future. Fiscal multiplier has been used overtime to analyze the consequences of change in revenue and the expenditure in relation to aggregate output (Gnos and Rochon, 2008). Keynesian multiplier is also used as a measure of the impact in regard to demand and changes in expenditure and income.
The Keynesian multiplier concept provides a relationship that lies between interests, employment and money in response to recession. The concept has been pivotal in promoting the value of exports within countries thus influencing the increase level of employment due to clear trend of probability forecast. The level of employment has enabled more world economies to concentrate on how they can improve other sectors of the economy by monitoring supply and demand of the local workforce.
The Keynesian multiplier projection of a given country can be used to analyze the causes of economic disorder that affects the markets of goods and services across the world. Both the finance and monetary aspects are used in this analysis. This has been a useful tool for economist to predict the future of certain economies and prescribe an appropriate solution to the problems. Proper forecast are applied in securing the local work force and reducing dependency on foreign exchange (Gnos and Rochon, 2008). Reducing imports and concentrating on export and local production has been proved as a sure development strategy for most world economies.
Countries can greatly benefit by participating in international trade. Export trade has influenced the way on how countries have forged mutual working relationship thereby promoting coexistence and mutual harmony. The benefits of export trade are far reaching. Export trade has enabled establishment of local competitiveness. Because of the demand for high quality of product in international arena, most countries has improved competitiveness in regard to production of services and other products which meets international standards and hence this has created competition and creativity. Secondly, export trade has facilitated countries to earn foreign exchange which has helped to develop their economies.
Economic stability can be enhanced through exports thus reducing dependency to foreign aid, donor funding and grants. Thirdly, having a wider market where to sell products has increased market share of most countries, countries can have a choice where it can sell its products depending on price offered. The choice has helped most countries to establish trading partners where they can sell their products at relatively high prices to accrue more profit. And lastly, international trade has facilitated the expansion of and stabilizing seasonal markets which are sometimes prone to market fluctuation. This has been made possible by constant supply of goods and services because of several players in the field.
This paper demonstrates that Export and export initiatives are all aimed at improving export trade and economies. They also provide strategies through which countries can diversify their economies. For the fact that exports have to be tailored to the needs of the changing economy, exporting nations have to be innovative enough to reflect the realities of the world economy. This has helps countries to develop an elaborate diversification strategy. The importance has been attributed to the sole goal of enhancing key responsibility of shaping economic behavior and importance of national planning and strategy formulation.
In the same vein, international trade promotes and enhances the capability of developing nations to concentrate on providing services. This improves their local markets to cut costs, minimize over reliance on foreign produced goods and services. As a result, international trade has enabled most countries to appreciate the value of healthy competition and its related issues and accessibility of distribution and information channels.
Most countries depended solely on exports to designated countries for a number of reasons. One of the reasons has been the mutual trading relationship that does exist between the countries, which creates a cordial relationship between the nations. Moreover, some countries provide incentive to encourage exporters producing more to their favor. This has been seen as a trap to make them develop dependency to one country for most of its exports. In addition, some countries have less trade restriction, this helps in reducing trade tariff costs. Free trade initiative maximizes the profits earned from the exports by the exporting countries. Foreign market remains a source of resources that can be obtained at cheaper price because of the availability of negotiation power.
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Gnos, C. and Rochon, L., P. (2008). The Keynesian multiplier. New York: Routledge.
Lazear, p., W. (1995). Economic Imperialism. California: Stanford University press.
Setterfield, M. (2002). The economics of demand-led growth: challenging the supply- side vision of the long run. Williston: Edward Elgar Publishing Ltd.
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