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International Exchange of Goods and Services

In: Globalization and the State: Volume I

Author

Listed:
  • Carlos M. Peláez
  • Carlos A. Peláez

Abstract

The analysis of the gains from trade began in modern economics with Smith (1776) and Ricardo (1817). In a rare consensus, economists tend to agree that there are benefits from trade in the form of more efficient resource allocation. The first section below provides the important analysis of the gains from trade. The relaxation of the conditions of the first best of efficiency leads to the analysis of distortions or market failures that motivate more analysis. The main principle is to correct domestic distortions with domestic policy instruments to permit the economy to obtain the benefits from trade. It is difficult to relate empirically trade openness and economic growth.

Suggested Citation

  • Carlos M. Peláez & Carlos A. Peláez, 2008. "International Exchange of Goods and Services," Palgrave Macmillan Books, in: Globalization and the State: Volume I, chapter 6, pages 157-198, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-22828-3_7
    DOI: 10.1057/9780230228283_7
    as

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