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Institutionalism and New Trade Theory: Rethinking Comparative Advantage and Trade Policy

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  • Thomas I. Palley

Abstract

Gomory and Baumol (2000), and Samuelson (2004) have raised concerns about international trade’s future impact on U.S. national income. The focus is how globalization may affect the size and distribution across countries of gains from trade. Though their analysis is developed using a pure trade theoretical framework, it has strands in common with institutionalist thinking. Their findings spotlight the need for a new U.S. trade policy agenda aimed at maximizing the U.S. share of gains from trade, and complementing conventional Keynesian open economy macroeconomic analysis.

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  • Thomas I. Palley, 2008. "Institutionalism and New Trade Theory: Rethinking Comparative Advantage and Trade Policy," Journal of Economic Issues, Taylor & Francis Journals, vol. 42(1), pages 195-208, March.
    • Handle: RePEc:mes:jeciss:v:42:y:2008:i:1:p:195-208
    DOI: 10.1080/00213624.2008.11507121
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    Cited by:

    1. Amadeo Navarro Zapata & María Arrazola & José Hevia, 2024. "Determinants of High-tech Exports: New Evidence from OECD Countries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 1103-1117, March.
    2. Amadeo Navarro Zapata & María Arrazola & José Hevia, 2023. "Technological intensity in manufacturing trade between ASEAN and the EU: challenges and opportunities," Asia Europe Journal, Springer, vol. 21(1), pages 23-42, March.

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