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THEORIES OF INTERNATIONAL TRADE

5 November, 2015 - 11:39

It is not possible to provide a complete description and critique of all theories of international trade. Rather, the aim of this section is to give the student a fundamental understanding of the theoretical explanations of international trade and place international dealings in a proper perspective.

Theories of international trade are classified in accordance with whether they attempt to explain the reasons for international trade of standardized products, new products, or raw materials. 1