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<!DOCTYPE html><html lang="en-GB" class="no-js core o-typography--loading-sans o-typography--loading-sans-bold o-typography--loading-display o-typography--loading-display-bold" data-o-component="o-typography" style="overflow-x:hidden;background-color:#fff1e5;color:#33302e"><head><meta charSet="utf-8"/><meta http-equiv="X-UA-Compatible" content="IE=edge"/><meta name="viewport" content="width=device-width, initial-scale=1"/><title>Letter: ‘Comparative advantage’ is an outdated principle</title><meta name="description" content="From Peter A Victor, Professor Emeritus, York University, Toronto, Canada"/><link rel="canonical" href="https://www.ft.com/content/4845674e-5030-4fc7-8381-4e5e48d7e4b9"/><meta name="robots" content="index,follow,max-snippet:200,max-image-preview:large"/><meta name="google-site-verification" content="4-t8sFaPvpO5FH_Gnw1dkM28CQepjzo8UjjAkdDflTw"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"NewsArticle","headline":"Letter: ‘Comparative advantage’ is an outdated principle","datePublished":"2024-11-20T00:00:09.552Z","dateModified":"2024-11-20T00:00:09.000Z","description":"From Peter A Victor, Professor Emeritus, York University, Toronto, Canada","isAccessibleForFree":"True","isPartOf":{"@type":["CreativeWork","Product"],"name":"Financial Times","productID":"ft.com:free"},"alternativeHeadline":"Letter: ‘Comparative advantage’ is an outdated principle","image":{"@type":"ImageObject","@context":"http://schema.org","url":"https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F1cefc005-3ac9-4d3e-b138-518e953bbab7.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1","width":2290,"height":1288},"author":[],"articleBody":"In the early 19th century David Ricardo formulated the principle of comparative advantage to explain mutual gains from trade among countries. He based it on a critical assumption: that capital did not flow from one country to another in search of greater profits. This was not an unreasonable assumption when Ricardo wrote but, in the 21st century, it clearly is. As Ricardo himself recognised, comparative advantage does not apply when capital can move easily across national borders.\n\nGiven the means and opportunity, owners and managers of capital move their capital to where it can earn the greatest profit, leaving depressed cities, towns and villages in its wake. Today, the loyalty of capitalists to their own countries that Ricardo applauded is nowhere to be seen. So, when columnist Stuart Kirk writes that “we forget about comparative advantage at our peril” (Opinion, November 16) we should all remember that, in a world of globally mobile capital, comparative advantage is of little relevance. It is profit-maximisation that motivates the international movement of capital to where costs are lowest; comparative advantage is of very little relevance.\n\nWhy does this matter? If comparative advantage no longer provides a robust foundation for explaining and justifying international trade, we should question its use in arguing, as Kirk does, that rich countries should relax their carbon reduction targets, maximise their growth, and just send cash to poor countries to reduce their emissions. Or in calling it madness to suggest that companies that sell products known to cause harm to the public should not be held responsible for the damage caused by their products. (If that makes sense for oil companies, then what about illegal drug dealers?).\n\nThe “law” of comparative advantage was a keen insight two centuries ago, but to use it today to justify free trade, let alone a panoply of regressive environmental and social policies unrelated to trade, comes down to basing too much on too little.\n\nPeter A VictorProfessor Emeritus, York University, Toronto, Canada","wordCount":330,"publisher":{"@type":"Organization","@context":"http://schema.org","name":"Financial Times","legalName":"The Financial Times Ltd.","logo":{"@type":"ImageObject","@context":"http://schema.org","url":"https://im.ft-static.com/m/img/masthead_main.jpg","width":435,"height":36},"url":"https://www.ft.com","sameAs":["https://www.twitter.com/FT","https://www.facebook.com/financialtimes","https://www.linkedin.com/company/financial-times","https://www.youtube.com/user/FinancialTimesVideos","https://www.instagram.com/financialtimes"]}}</script><script 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aria-label="posted in category Letter" data-concept-id="6084af2f-16c3-4824-9500-176fa8fdb7b7">Letter</a></span><form action="/myft/add/6084af2f-16c3-4824-9500-176fa8fdb7b7" data-js-action="/__myft/api/core/followed/concept/6084af2f-16c3-4824-9500-176fa8fdb7b7?method=put" class="n-myft-ui n-myft-ui--follow" method="GET" data-myft-ui="follow" data-concept-id="6084af2f-16c3-4824-9500-176fa8fdb7b7" data-myft-ui-variant="followPlusInstantAlerts"><div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Letter." data-unpressed-text="No longer following Letter."></div><input type="hidden" data-myft-csrf-token="true" value="" name="token"/><button aria-label="Add Letter to myFT" title="Add Letter to myFT" data-alternate-label="Added Letter to myFT: click to manage alert preferences or remove from myFT" aria-pressed="false" data-alternate-text="Added" class="n-myft-follow-button n-myft-follow-button--instant-alerts 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class="n-myft-ui__preferences-modal__text" href="/myft/alerts" data-trackable="pop-up-box|contact-preference" data-trackable-context-concept_id="6084af2f-16c3-4824-9500-176fa8fdb7b7">Manage your delivery channels here</a><span class="n-myft-ui__preferences-modal-error" data-component-id="myft-preference-modal-error"></span><button class="n-myft-ui__preferences-modal__remove-button" data-component-id="myft-preference-modal-remove" data-trackable="pop-up-box|remove-from-myFT" data-trackable-context-concept_id="6084af2f-16c3-4824-9500-176fa8fdb7b7">Remove from myFT</button></div></div></div></div><h1 class="o-topper__headline"><span class="headline__text">Letter: ‘Comparative advantage’ is an outdated principle</span></h1><div class="o-topper__standfirst">From Peter A Victor, Professor Emeritus, York University, Toronto, Canada</div></div><div class="o-topper__background"></div></div></div><article id="site-content" role="main" class="article article-grid article-grid--no-full-width-graphics" data-content-id="4845674e-5030-4fc7-8381-4e5e48d7e4b9" data-access-level="free" data-syndicatable="yes" data-article-type="no-full-width-graphics" data-cp-content-pipeline="true" data-feature-ads-pg="off"><div class="main-image"><figure class="n-content-image n-content-image--full" data-component="image-set"><picture><source media="(min-width: 700px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A1cefc005-3ac9-4d3e-b138-518e953bbab7?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A1cefc005-3ac9-4d3e-b138-518e953bbab7?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A1cefc005-3ac9-4d3e-b138-518e953bbab7?source=next-article&fit=scale-down&quality=highest&width=700&dpr=3 3x" width="2290" height="1288"/><img 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</form></div></li></ul></div><div id="share-modal-horizontal"></div></div><span class="myft-ui-create-list-variant-announcement o-normalise-visually-hidden" role="region" aria-live="assertive"></span></div><div class="article__content" data-trackable="article-body" data-component="article-body"><div class="article-info"><div class="article-info__time-byline"> <time data-o-component="o-date" class="article-info__timestamp o-date" dateTime="2024-11-20T00:00:09.552Z">November 20 2024</time></div><a id="o-comments-count" data-o-component="o-comments" data-o-comments-article-id="4845674e-5030-4fc7-8381-4e5e48d7e4b9" data-o-comments-count="true" data-o-comments-article-url="https://www.ft.com/content/4845674e-5030-4fc7-8381-4e5e48d7e4b9" data-o-comments-title="Letter: ‘Comparative advantage’ is an outdated principle" class="article-comment-count" title="Jump to comments section" href="#comments-anchor"><span class="o-normalise-visually-hidden">Jump to comments section</span></a><button class="article-print" data-component="print-button" data-trackable="print" title="Print this page"><span class="o-normalise-visually-hidden">Print this page</span></button></div><article id="article-body" class="n-content-body js-article__content-body" data-attribute="article-content-body" data-component="article-content-body"><p>In the early 19th century David Ricardo formulated the principle of comparative advantage to explain mutual gains from trade among countries. He based it on a critical assumption: that capital did not flow from one country to another in search of greater profits. This was not an unreasonable assumption when Ricardo wrote but, in the 21st century, it clearly is. As Ricardo himself recognised, comparative advantage does not apply when capital can move easily across national borders.</p><p>Given the means and opportunity, owners and managers of capital move their capital to where it can earn the greatest profit, leaving depressed cities, towns and villages in its wake. Today, the loyalty of capitalists to their own countries that Ricardo applauded is nowhere to be seen. So, when columnist Stuart Kirk writes that “we forget about comparative advantage at our peril” (<a href="https://www.ft.com/content/e57400da-92f2-4488-a65b-1cd24460cca7" data-trackable="link">Opinion</a>, November 16) we should all remember that, in a world of globally mobile capital, comparative advantage is of little relevance. It is profit-maximisation that motivates the international movement of capital to where costs are lowest; comparative advantage is of very little relevance.</p><p>Why does this matter? If comparative advantage no longer provides a robust foundation for explaining and justifying international trade, we should question its use in arguing, as Kirk does, that rich countries should relax their carbon reduction targets, maximise their growth, and just send cash to poor countries to reduce their emissions. Or in calling it madness to suggest that companies that sell products known to cause harm to the public should not be held responsible for the damage caused by their products. (If that makes sense for oil companies, then what about illegal drug dealers?).</p><p>The “law” of comparative advantage was a keen insight two centuries ago, but to use it today to justify free trade, let alone a panoply of regressive environmental and social policies unrelated to trade, comes down to basing too much on too little. </p><p><strong>Peter A Victor</strong><br/><em>Professor Emeritus, York University, Toronto, Canada</em> </p></article><script class="js-magnet-data" type="application/json">{"contentId":"4845674e-5030-4fc7-8381-4e5e48d7e4b9","annotations":[{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Stuart Kirk","id":"7664bf87-5cbd-41a7-89f4-61914c45c3d7","url":"https://www.ft.com/stuart-kirk"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"David 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o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-north-africa" data-trackable="Middle East & North Africa">Middle East & North Africa</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/us" data-trackable="US">US</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-2" data-trackable="sub-level-toggle | US">Show more US</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-2" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-economy" data-trackable="US Economy">US Economy</a></li><li 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o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected 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o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/markets" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li 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o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://etf.ft.com" data-trackable="ETF Hub">ETF Hub</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/fund-management" data-trackable="Fund Management">Fund Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-trading-room" data-trackable="Trading">Trading</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/climate-capital" data-trackable="Climate">Climate</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/opinion" data-trackable="Opinion">Opinion</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-7" data-trackable="sub-level-toggle | Opinion">Show more Opinion</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-7" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/columnists" data-trackable="Columnists">Columnists</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-view" data-trackable="The FT View">The FT View</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/the-big-read" data-trackable="The Big Read">The Big Read</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House & Home">House & Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a 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