Criticism And The Modern Theories Of International Trade
CHAPTER 1
INTRODUCTION
International trade is exchange of capital, goods, and services across international borders or territories. International trade is a major source of economic revenue for any nation that is considered a world power. Without international trade, nations would be limited to the goods and services produced within their own borders.
The first purpose of trade theory is to explain observed trade. That is, we would like to be able to start with information about the characteristics of trading countries, and from those characteristics deduce what they actually trade, and be right. That‘s why we have a variety of models that postulate different kinds of characteristics as the reasons for trade.
Secondly, it would be nice to know about the effects of trade on the domestic economy.
A third purpose is to evaluate different kinds of policy.
To better understand how modern international trade has evolved, it is important to understand how countries traded with one another historically. The theories of international trade can be broadly classified into :-
1) Mercantilists view
2) Classical theories of trade
3) Modern theories of trade
4) New theories of trade
The main issues with respect to theories of international trade can be summarized as follows:-
To begin with “mercantilists” view dominated the economic philosophy during 17 & 18th centuries. The mercantilist theory was highly nationalistic in its outlook which favoured state regulation and centralization of
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