Question

I am not sure that this can be answered in this History section (technically, this would belong in economics). Does anybody have any ideas why would a country choose to specialize in only one product in the world trade market?

Thanks.

Answer 1

f the product was rare like uranium, they could have a chance at monopolizing the industry

Answer 2

* if *

Answer 3

Because it can make them a lot of money, or it's the only product they can produce. Both are usually the case in the middle east. The countries there like Saudi Arabia produce oil as a tradeable good because they can't grow anything else in the deserrt and they have a lot of oil that is worth billions upon billions of dollars.

Answer 4

Thanks. This really helps. Both make perfect sense!