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International Trade Theory and Policy: A Review of the Literature

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  • Sunanda Sen

Abstract

This paper provides a survey of the literature on trade theory, from the classical example of comparative advantage to the New Trade theories currently used by many advanced countries to direct industrial policy and trade. An account is provided of the neo-classical brand of reciprocal demand and resource endowment theories, along with their usual empirical verifications and logical critiques. A useful supplement is provided in terms of Staffan Linder’s theory of "overlapping demand," which provides an explanation of trade structure in terms of aggregate demand. Attention is drawn to new developments in trade theory, with strategic trade providing inputs to industrial policy. Issues relating to trade, growth, and development are dealt with separately, supplemented by an account of the neo-Marxist versions of trade and underdevelopment.

Suggested Citation

  • Sunanda Sen, 2010. "International Trade Theory and Policy: A Review of the Literature," Economics Working Paper Archive wp_635, Levy Economics Institute.
  • Handle: RePEc:lev:wrkpap:wp_635
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    File URL: http://www.levyinstitute.org/pubs/wp_635.pdf
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    References listed on IDEAS

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    1. Robles, Miguel & Torero, Maximo & von Braun, Joachim, 2009. "When speculation matters:," Issue briefs 57, International Food Policy Research Institute (IFPRI).
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    Cited by:

    1. Carmen Elena Dorobat, 2015. "A brief history of international trade thought: From pre-doctrinal contributions to the 21st century heterodox international economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 8(2), May.

    More about this item

    Keywords

    Comparative Costs; Resource Endowment Pattern and Trade; Overlapping Demand; Strategic Trade; New Theories of Trade; Trade and Development;

    JEL classification:

    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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