Ricardo Theory Of International Trade Essay
Introduction
In global economy Africa remains marginalized and under-developed economies face serious challenges in obtaining sustainable and diversified development through strategies that focus on foreign and domestic market. Trade is viewed by many as being important for poverty reduction in developing countries and international trade assist in sustained economic growth, contribute to the development of capacities and support the expansion of employment opportunities. In this essay Zambia will be used as a case study to explain how theories of International trade influenced policy in Africa and what the implications on African development are. The first part of the essay will cover the Background on Theories of International trade looking
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Ricardo identified two additional sources of growth in addition to capital and these being technical innovation and international trade. Ricardo believed that due to increased population, more land would be required to produce food and thus less would be available for industry and wage and return on investment for industrialists. In Ricardo’s view, only the introduction of technical innovations and international trade could prevent this scenario.
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