… is from page 313 of economist Lionel Robbins’s insightful and still-relevant 1937 book, Economic Planning and International Order:
Under competitive conditions the world market acts as a sort of dampening mechanism. The disturbing effects of local gluts and shortages are absorbed and spread over a much wider area. If home production fails, then additional supplies can be procured from abroad without a great rise of prices. If home production is unexpectedly bountiful, then it can be unloaded without much fall. The probability of world glut or world shortage is obviously much less than the probability of glut or shortage in particular areas.