Historical development of trade theory
{"Image DocumentName": "Historical development of trade theory", "Image ImageDescription": "Foundations of trade theory. Historical development of trade theory. Mercantilism. Regulation to ensure a positive trade balance. Critics: possible only for short term; assumes static world economy. Absolute advantage (Adam Smith) Countries benefit from exporting what they make cheaper than anyone else. But: nations without absolute advantage do not gain from trade. Comparative advantage (David Ricardo) Nations can gain from specialization, even if they lack an absolute advantage.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}