I don’t agree. The explosion in economic activity is not solely because of industrial advances. The global supply chain is extremely well-connected, and it’s this system of global trade that is the real oil of the modern economy. There is almost nothing more advanced than a wheelbarrow that can be economically made without involving some aspect of global trade. Sure, industrial advances are part of it, but it’s the trade that makes any of the products worth anything.
A machine that can manufacture a million wheelbarrows in one hour produces extremely little value unless those wheelbarrows are traded.
If you want to see what shutting off trade does to a country, take a look at the current happenings of United States.
But it is labor that facilitates the logistical work! The someone has to drive the trucks, load the boats, log the inventory. It’s all still predicated on labor!
It’s a prerequisite but the amount of labor does not determine the value here. You could be performing near-exact labor to facilitate trade but get wildly different value from it.
I don’t agree. The explosion in economic activity is not solely because of industrial advances. The global supply chain is extremely well-connected, and it’s this system of global trade that is the real oil of the modern economy. There is almost nothing more advanced than a wheelbarrow that can be economically made without involving some aspect of global trade. Sure, industrial advances are part of it, but it’s the trade that makes any of the products worth anything.
A machine that can manufacture a million wheelbarrows in one hour produces extremely little value unless those wheelbarrows are traded.
If you want to see what shutting off trade does to a country, take a look at the current happenings of United States.
But it is labor that facilitates the logistical work! The someone has to drive the trucks, load the boats, log the inventory. It’s all still predicated on labor!
It’s a prerequisite but the amount of labor does not determine the value here. You could be performing near-exact labor to facilitate trade but get wildly different value from it.