International trade theory is still relevant

Authors

  • T.D. WILLETT

DOI:

https://doi.org/10.13133/2037-3643/12874

Keywords:

Comparative advantage, international trade, protectionism, policy, exchange, investment

Abstract

It has become common place to argue that the theory of comparative advantage and international trade is no longer relevant to the realities of the world economy and that concepts such as free trade versus protectionism are outdated. It is the contention of this paper, however, that international theory still has much to offer as a guide for policy. The author argues that, despite profound changes and new trends in the world economy, international trade theory has not lost its relevance and that the presumption which may be derived from it in favour of free international exchange as a general policy remains a wise basis for international trade and investment policy in the 1970s.

 

JEL: F10, F13, F21

Downloads

How to Cite

WILLETT, T. (2014). International trade theory is still relevant. PSL Quarterly Review, 24(98). https://doi.org/10.13133/2037-3643/12874

Issue

Vol. 24 No. 98 (1971)

Section

Editorial

License

 
 
Licenza Creative Commons
 
All material in this website and every article published by the Review are licensed under a Creative Commons Attribution - Non commercial - No derivates 4.0 International license.
The authors who publish on this journal maintain all rights on their works without any restrictions.