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International trade theory is a sub-field of economics which analyzes the patterns of international trade, its origins, and its welfare implications. International trade policy has been highly controversial since the 18th century. International trade theory and economics itself have developed as means to evaluate the effects of trade policies.
While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, salt roads), its economic, social, and political importance has been on the rise in recent centuries. Carrying out trade at an international level is a complex process when compared to domestic trade.
Free trade may apply to trade in goods and services. Non-economic considerations may inhibit free trade as a country may espouse free trade in principle but ban certain drugs, such as ethanol, or certain practices, such as prostitution, and limiting international free trade. [55]
The best-known of the resulting models, the Heckscher-Ohlin theorem (H-O) [8] depends upon the assumptions of no international differences of technology, productivity, or consumer preferences; no obstacles to pure competition or free trade and no scale economies. On those assumptions, it derives a model of the trade patterns that would arise ...
International trade law is based on theories of economic liberalism developed in Europe and later the United States from the 18th century onwards. [9] International Trade Law is an aggregate of legal rules of "international legislation" and new lex mercatoria, regulating relations in international trade.
The International Trade Organization (ITO) was the proposed name for an international institution for the regulation of trade.. Led by the United States in collaboration with allies, the effort to form the organization from 1945 to 1948, with the successful passing of the Havana Charter, eventually failed due to lack of approval by the US Congress.
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European Free Trade Association (EFTA) Exchange rate; Factor price equalization; Fair trade; Foreign direct investment (FDI) Foreign exchange option; Foreign Sales Corporations (FSCs) Forfaiting; Free Trade Area of the Americas (FTAA) Free On Board (FOB) Free trade; Free trade area; Free trade zone (FTZ) General Agreement on Tariffs and Trade ...