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Economic background: The rationale for trade, the case for liberal trade and its critique, and the economics of trade agreements

In: The Law and Economics of International Trade Agreements

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Abstract

This chapter offers a rigorous but non-technical introduction to the positive and normative economics of international trade and trade agreements. It addresses the theory of comparative advantage and its sources. It then provides an extensive treatment of the normative economics of liberal trade, including the economic efficiency case for liberal trade and its caveats, and the income distribution implications of trade. It concludes with a review of modern economic developments regarding the positive theory of international trade agreements and institutions, including the terms of trade theory and the domestic commitment theory.

Suggested Citation

  • ., 2023. "Economic background: The rationale for trade, the case for liberal trade and its critique, and the economics of trade agreements," Chapters, in: The Law and Economics of International Trade Agreements, chapter 2, pages 5-51, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21398_2
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