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International Trade Theory




After you have read this chapter you should:
  1. Understand why nations trade with each other.


  2. Be familiar with the different theories explaining trade flows between nations.


  3. Understand why many economists believe that unrestricted free trade between nations will raise the economic welfare of countries that participate in a free trade system.


  4. Be familiar with the arguments of those who maintain that government can play a proactive role in promoting national competitive advantage in certain industries.


  5. Understand the important implications that international trade theory holds for business practice.





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