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Small is Beautiful—Uruguay’s Competitive Advantage

Economist E.F. Schumacher’s 1973 opus Small is Beautiful advocates for small, appropriate technologies that are believed to empower people above a “bigger is better” philosophy of economic development. The advantages of bigness are obvious—among them large producer/labor and consumer markets, economies of scope and scale, broader sources of financing and attractiveness for domestic and foreign investment. Ironically, while bigness possesses inherent advantages for exporting, large countries such as the U.S. and Brazil have less incentive to export—11.9 percent, export to GDP in the former and 12.6 percent in the latter—due to their large internal markets. While smallness may appear to […]
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