Friedrich List

Another question is whether there is any real difference between Gunnar Myrdal's Swedish Model, Franklin Roosevelt's New Deal, John Kenneth Galbraith's New Industrial State and Sun Yat-sen's 'Three Principles' which formed the basis for Taiwan's economic development.

Are they not all examples of the application of German economic theory as developed in the 18th and 19th centuries by Gottfried Leibnitz and Freidrich List. If this is the case, then why are students not being introduced to the writings of these economists?

List elaborated the difference between the British imperial free-trade doctrine and the 'American System' of economics. 'Outlines of Political Economy' was published by Samuel Parker in Philadelphia in 1827 and was later to guide Germany and Japan in their industrialization.

The Economist in reviewing a new edition on July 2, 1927 had this to say:

'To English readers an attraction will be found in List's continuous and energetic polemic against Adam Smith, and in the close study which he made of English political and social institutions...List believed in the progressive development of nations, as measured by their productive forces.

He took the broadest possible view of these forces and of the factors governing them, not only in the purely economic, but also in the political and ethical or religious spheres; everything indeed that makes for high culture and strong civilisation.'

The real question and the one that is seldom asked is whether the surplus savings or temporarily held wealth is better off in one big pot or spread around in lots of smaller pots. The size of the pot and who is allowed to dip into it are the most crucial questions of all.