Competitive advantage
Competitive advantage: a contentious theory of industrial development popularized by Michael Porter and others in the Competitive Advantage of Nations. The origins of the theory itself appear to go back to the economist Alfred Marshall (1842-1924). It states that the success of a firm or an industry is based on cost advantages in the production of a relatively standardized product or product-based advantages related to the development of differentiated products. Firms with a competitive advantage are often concentrated geographically, which in turn assists the development of a workforce with the relevant skills. Critics of this theory have noted that through its emphasis on high-technology firms in advanced countries, and its devaluation of the importance of comparative costs, it appears to give legitimacy to public expenditure and protection policies designed to promote the premature development of high-technology industries. See also comparative advantage and strategic trade theory.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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