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The challenges to the liberal trading system

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  • Salvatore, Dominick

Abstract

Free trade has been a universally accepted economic tenet for almost two centuries. Despite challenges, Ricardo's theory of comparative advantage has proven to be one of the most enduring of all economic laws. In recent decades, however, the liberal trading system has come under increasing attacks in the form of strategic trade and industrial policies, the deindustrialization in advanced countries, rapid globalization and outsourcing, and others. This paper reviews each of these attacks and concludes that they do not justify abandoning or moving away from the general preference of a liberal trading system.

Suggested Citation

  • Salvatore, Dominick, 2009. "The challenges to the liberal trading system," Journal of Policy Modeling, Elsevier, vol. 31(4), pages 593-599, July.
    • Handle: RePEc:eee:jpolmo:v:31:y:2009:i:4:p:593-599
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    References listed on IDEAS

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    1. Paul A. Samuelson, 2004. "Where Ricardo and Mill Rebut and Confirm Arguments of Mainstream Economists Supporting Globalization," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 135-146, Summer.
    2. Jong‐Wha Lee & Innwon Park & Kwanho Shin, 2008. "Proliferating Regional Trade Arrangements: Why and Whither?," The World Economy, Wiley Blackwell, vol. 31(12), pages 1525-1557, December.
    3. Gomory, Ralph & Baumol, William J., 2009. "Globalization: Country and company interests in conflict," Journal of Policy Modeling, Elsevier, vol. 31(4), pages 540-555, July.
    4. Bhagwati, Jagdish, 2009. "Does the US Need a new trade policy?," Journal of Policy Modeling, Elsevier, vol. 31(4), pages 509-514, July.
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    Cited by:

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    3. Dominick Salvatore, 2010. "Measuring the Economic Effects of NAFTA on Mexico," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(04), pages 31-37, December.
    4. Dominick Salvatore, 2010. "Measuring the Economic Effects of NAFTA on Mexico," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(4), pages 31-37, December.
    5. Burnett, Perry & Cutler, Harvey, 2018. "The transitional impacts of material and service offshoring," Journal of Policy Modeling, Elsevier, vol. 40(1), pages 136-150.

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