Documente Academic
Documente Profesional
Documente Cultură
Keywords
International trade,
Trade flows,
Theories of international trade
Abstract
Taking into account the major impact that international trade has on the economy and on the
people’s lives, and considering its effects on the economic growth, the foreign commerce has to be well
understood so that the commercial policies have to be well elaborated, implemented and followed. The
theories of international trade are extremely important in order to determine the flows, but especially in the
anticipation of the evolution of the forces that influences its dymanic. The theories regarding the foreign
trade are used also by the big companies, by their managers, in their attempt to identify the most
advantageous strategies of internationalizations, on the most promising markets.
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SEA - Practical Application of Science
Volume IV, Issue 2 (11) / 2016
In 1817, in his book On the Principles of Political technical-economic progress as well as for
Economy and Taxation, David Ricardo brings into developing economic thinking. The exchange, as a
discussion the idea of comparative cost, mentioning basis of economic activity, allows a good allocation
that between countries there do not always occur of scarce resources, in this way facilitating also an
equivalent exchanges and consequently, in increase of the effectiveness of the economic
international trade there is always an absolute system. A proper understanding of the theories on
advantage for each participating country [Ricardo, which trade is based, can offer us the possibility of
David, On the Principles of Political Economy determining the flow and evolution of the forces
andTaxation, 1817]. that influence its dynamics, in order to establish
The author tries to show that in international appropriate trade policies.
relations, countries have the opportunity to win if Given how significant commercial theories are in
they specialise in the goods with the lowest amount the process of elaborating economic policies, the
of work at national level. knowledge of these theories is extremely important.
The theory was appreciated by the countries At the same time a flawless theoretical
advantaged by the liberal policy in international substantiation, made in advance, taking into
trade, however, it also had opponents in countries account the theories presented within this paper,
such as Central and Eastern European countries, provides arguments also in the sphere of business,
USA. And this was the reason for which, later, J. managers thus managing to identify the best
M. Keynes shows that free trade may lead in strategies of internationalisation on the most
addition to the export of goods to the export of promising markets.
unemployment. On the pattern developed by In conclusion, only the force of the arguments
Ricardo there have existed also other critics, among sustained by accurate assessments may decide the
which J. St Mill; V. Pareto, A. Marshall; F. D. path to be followed. It is important to derive
Graham; J. H. Williams; Mihail Manoilescu, but it patterns or causal relationships from the past and to
should be borne in mind that in spite of the extrapolate their trends in the future.
criticisms which occurred over time, the theory of
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Conclusions rd_Keynes
Trade, in particular foreign trade, is a revolutionary
factor both for promoting and stimulating the
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