PRACTICAL SIGNIFICANCE OF DAVID RICARDO'S THEORY OF COMPARATIVE ADVANTAGE IN THE PROCESS OF DIVERSIFICATION OF THE UZBEKISTAN ECONOMY
DOI:
https://doi.org/10.37547/Keywords:
David Ricardo, theory of comparative advantage, international trade, specialization, economic efficiency, economy of Uzbekistan, diversification, export potential, competitiveness, global market, economic reforms, development of industries, added value, international division of labor, sustainable growth .Abstract
This article analyzes the practical significance of David Ricardo's theory of comparative advantage in the process of diversifying the economy of Uzbekistan. The idea of comparative advantage is the theoretical foundation of the modern international trade system, emphasizing the increase in economic efficiency when countries specialize in products that they can produce at lower costs. The article examines the economic reforms carried out by Uzbekistan in recent years, in particular, the process of transition of the economy from reliance on raw material exports to the development of sectors with high added value, in connection with Ricardo's theories. It also analyzes the possibilities of using comparative advantages in the fields of agriculture, energy, textiles, chemical industry and services. The results of the study show that the practical significance of Ricardo's theory in the strategy of Uzbekistan's integration with global markets and expansion of the export structure is high, and it serves as an important theoretical basis for ensuring economic growth, production of competitive products and formation of sustainable diversification.
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