ABSTRACT
Conventional economics did not consider that factors of production such as land, labour, and capital would move freely across international borders, though some portion of domestically produced goods could be traded internationally. Colonial rule began with the transfer of land ownership from indigenous populations to the hands of Europeans, followed by the settlement of Europeans in the temperate colonies. In theory, voluntary migration from an overpopulated country with an excessive labour supply to a country with declining fertility and rapid ageing should benefit both sides. There are many factors behind an individual’s decision to settle in, rather than just travel to, a foreign land. People may be trying to escape political or religious persecution or avoid the shackles of traditional society; they may also be attracted by greater economic opportunities. Economic strength is reflected in the flow of global trade.
