If they did, that person's PhD is worthless, for several reasons. Two major ones are:
- The supply & demand system is missing one crucial consumer - your own populace. Britain, and most of the rest, did not build empires so they could trade with others. They did so to supply their own demand - for raw resources and to develop markets for their own (home built) goods.
- Your commodities are distributed among all of your trade partners, such that all trade partners get all types of commodities. What is wrong with that? You end up exporting goods to a nation that produces more of that good than you do!
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