The Import of Exports
Many people wonder whether exports, which aim to satisfy the needs of distant foreign consumers, belong at the center of a country's development strategy. But this is the wrong question: in a market economy, fulfilling the needs of others is the source of our own livelihood.
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CAMBRIDGE – Should a country’s development strategy pay special attention to exports? After all, exports have nothing to do with satisfying their people’s basic needs, such as education, health care, housing, power, water, telecoms, security, the rule of law, and recreation. So why give precedence to satisfying the needs of distant foreign consumers?