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How Small States Enable Wealth: A Historical Analysis

How Small States Enable Wealth: A Historical Analysis

Deepak Lal, a prominent, pro-market, development economist wrote the following words in his 2004 book, In Praise of Empires: Empires have been natural throughout human history. Most people have lived in empires. Empires and the process of globalization associated with them have provided the order necessary for social and economic life to flourish. By linking previously autarkic states into a common economic space, empires have promoted the mutual gains from trade adumbrated by Adam Smith. Therefore, despite their current bad name, empires have promoted peace and prosperity.Deepak Lal,...

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