L-11 Trade and Investment

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  Trade and InvestmentTheories 4-1  Learning Objectives ã To discuss different approaches to international trade theories that help policy makers achieve economic objectives and improve Global efficiency ã To analyze the current international business environment with reference to these theories 5-2  Free Trade Theories ã Two theories that support free trade  – Absolute advantage theory  – Comparative advantage theory ã Market forces should determine trade  – specialization 5-3  What Is Smith’s Theory of Absolute Advantage? ã Adam Smith (1776) argued that a country has an absolute advantagein the production of a product when it is more efficient than any other country in producing it  – countries should specialize in the production of goods for which they have an absolute advantage and then trade these goods for goods produced by other countries
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