Why industrial strength is born from diversity

Mainstream economic theory has long suggested that countries which specialise in production can reap the benefits of trade, but new research indicates that it's better for countries to diversify.

Diversity -- not specialisation -- is the advantage.

When I was invited to speak at a conference in Bonn some years ago, my host insisted that I stay with him, rather than in the conference accommodation. I expected to find myself in a suburb of Bonn, but instead we drove to a tiny village with just 5,000 inhabitants 130km away.

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