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International Trade Theory (Classical)

New Trade Theories

> Understand why nations trade with each other.

>Summarize the different theories explaining trade flows between nations.

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

>Explain the arguments of those who maintain that government can play a proactive role in promoting national competitive advantage in certain industries.

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