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Quotation of the Day…

is from page 56 of the 5th edition (2020) of Douglas Irwin’s excellent book Free Trade Under Fire:

International trade contributes to productivity growth in at least two ways: It serves as a conduit for the transfer of foreign technologies that enhance productivity, and it increases competition in a way that stimulates industries to become more efficient and improve their productivity, often forcing less productive firms out of business and allowing more productive firms to expand.

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