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5 J. Common Mkt. Stud. 1 (1966-1967)

handle is hein.journals/jcmks5 and id is 1 raw text is: BLUEPRINT FOR AN AREA OF QUANTITATIVELY AND STRUCTUR- ALLY BALANCED FREE TRADE' By P. G. ELKAN INTRODUCTION It is well known that the main advantage which most countries seek in joining a customs union or free-trade area is an extension of the market over which their manufactured output can be sold, making possible a fuller exploitation of the economies of large-scale produc- tion; and that the principal reason for the reluctance of many less developed, small or geographically outlying countries to join is the fear that if they merged their market into a larger whole, industrial development would tend to be concentrated in regions outside their own territory. This problem has a growing literatures and in his cited paper the present author has suggested an institutional solution to it. The proposal was aimed at the promotion, between two or more countries, of 'competitive' or 'horizontal' specialization in production and trade, that is (broadly speaking) of a widening exchange of manu- factured goods against other manufactures and of primary products against other primary products, in such a way that at the same time 'complementary' or 'vertical' specialization (the exchange of products with widely different sectoral origins) should be kept within agreed limits and approximate balance in the value of mutual trade should be assured. During 1965 the original version of this proposal was examined by an interdepartmental working party of the New Zealand public service with a view to its possible application between Australia and New Zealand, and two major shortcomings were identified in it.' The author is grateful for the comments received, and on the following pages puts forward a revised version of the proposal designed to eliminate the grounds of criticism. The revision has also made the scheme, and especially its description, simpler. It is hoped that its presentation in this improved form, without the theoretical argument which originally accompanied it and in a journal oriented towards economic policy rather than theory, might become a step towards its practical application.

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