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Essay / Research Paper Abstract
This 9 page paper looks at the concept of international trade theory, examining the ideas of absolute advantage and comparative advantage, considering how international trade in the real world manifests and assessing how the theories explain, or fail to explain the way trade takes place. The bibliography cites 10 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TEITTheory.rtf
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Unformatted sample text from the term paper:
by more than five times, however the level of trading increased disproportionately with 14 the amount of trade taking place in 1994 than in 1950 (Trade point, 2003). Trade increased
twenty-three fold and output by seven times between 1950 and 2002 (IMF, 2002). The indication here is that the growth is very apparent and taking place with more goods traded
now than ever before and growing at a rate much faster than the actual production. This indicates that there must be significant motivators for international trade to take place. The
concept and practice of international trade is not new, it has taken place for millennia, in many instances it may be argued as driven by the way goods from some
areas where not available in home, products such as silks for China spices from the east and Bananas from the Caribbean are examples of goods that may be imported as
they are not available in the home nation state. However, this does not explain how and why all trade takes place, many
countries import goods that they can produce at home. The thriving textile trade is a good illustration of this, with China exporting large amounts of goods to western nations, goods
which those nations could produce for themselves. In many instances it may be argued that the goods are being imported from countries where there are much lower cost structures which
makes importing goods from other countries economically sound. This would indicate that the way in which international trade take place is driven by the potential to gain economic advantages
as a result of lower costs, but this does not appear to give a full explanation, for example, although many countries import textiles from China, they may also still undertake
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