Why Circulation, Not Infrastructure Accumulation, Drives Development Outcomes

Instead of asking, "How much infrastructure should countries build?", the more fundamental question is: "Does that infrastructure enable the efficient circulation of productive factors throughout the economic system?". This is the central proposition of the Theory of Circulation in Trade Systems, which argues that infrastructure is not the engine of development in itself, but the medium through which economic activity flows. Read the article in the Eurasia Review.