696 B
696 B
Market Integration Barriers
Definition
The various obstacles that prevent different markets from being unified into a single economic system, including natural barriers like mountains and deserts, political barriers like tariffs and customs, and infrastructural barriers like poor roads and lack of navigable waterways.
Source Chapter
Book I, Chapter 3
Context
Smith discusses multiple types of market integration barriers: the frozen ocean preventing navigation in Tartary, the distance between African rivers preventing inland navigation, and political control over river courses preventing communication between upper country and the sea.
Economic Domain
Regulation