Textbook Notes (368,800)
Canada (162,168)
POLI 243 (70)
Chapter 7

CHAPTER 7: THE POLITICS OF TRADE

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Department
Political Science
Course
POLI 243
Professor
Mark Brawley
Semester
Summer

Description
CHAPTER 7 THE POLITICS OF TRADE Adam SmithComparative AdvantageTrade involves specialization and division of labour Comparative advantage when one country can produce an item at a lower cost in terms of opportunities fore gone than can another countryAbsolute advantage exists when a country can use fewer resources to produce a product than the other country The Consequences of SpecializationMarxists Trade benefits are not spread equallyRealists states are pursuing power not wealth states want relative gains not absolute gains o Want their neighbors to pursue free trade policies while they pursue protectionist policies HeckscherOhlin ModelEach country can be assed in its endowments of inputsEach country will export goods which intensively use the locally most abundant factor Stolpher and Samuelson Theorem Wanted to explain where the gains of trade wentThe ho
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