The Need to Protect Petty Production

Jul 17th 2006, Prabhat Patnaik

This paper argues that in a situation where unemployment is generated through the disappearance of small-scale production, the ''efficiency'' argument in favour of their closure does not stand, even if small-scale units are more inefficient at the micro-level. The destruction of petty production through exposure to liberal trade, in the name of efficiency, is therefore an undesirable course of action.

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