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International Trade of Goods and Services

In: Government Intervention in Globalization

Author

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

Abstract

In a rare consensus, economists tend to agree, with important exceptions, 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, allowing 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 Trade of Goods and Services," Palgrave Macmillan Books, in: Government Intervention in Globalization, chapter 6, pages 89-102, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-22834-4_7
    DOI: 10.1057/9780230228344_7
    as

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