1317242201_722__Week%252B4%252BSlides

1317242201_722__Week%252B4%252BSlides - International trade...

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International trade 12/05/11 1 330G – international trade
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Why countries trade with each other? 12/05/11 330G – international trade 2
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12/05/11 330G – international trade 3
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12/05/11 330G – international trade 4
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12/05/11 330G – international trade 5
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Major trade theories Mercantilism (interventionist theory ) the oldest trade theory (1500 – 1800) More export less import (for gold) to run a trade surplus (through government interventions). 12/05/11 7 330G – international trade
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Free trade theories --specialization, greater efficiency, higher output, leave to the market to determine 12/05/11 8 330G – international trade
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Adam Smith: An Inquiry into the Nature and Causes of the Wealth of Nations , by Adam Smith 1776. "The propensity to truck, barter and exchange one thing for another is common to all men, and to be found in no other race of animals." absolute advantage (natural + acquired, e.g., tech.) 12/05/11 9 330G – international trade ( 5 June 1723 – 17 July 1790) Scottish social philosopher and a pioneer of political economy
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David Ricardo: comparative advantage (within the same country) 12/05/11 10 330G – international trade (19 April 1772 – 11 September 1823) was an English political economist
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This note was uploaded on 12/05/2011 for the course MGMT 330G taught by Professor Francissun during the Fall '11 term at Utah Valley University.

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1317242201_722__Week%252B4%252BSlides - International trade...

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