International Trade Theory and Policy
by Steven M. Suranovic
LEVEL 1: Basic Definitional
LEVEL 2: Basic Intermediate
LEVEL 3: Advanced Intermediate
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This article provides a realistic account of the types of outcomes predicted by economic theory as a country moves to free trade. The story suggests a question that must be answered if we are ever to reach broad agreement on the choice of appropriate trade policies. It is a question that will require us to understand fairness in order to answer.
This article discusses the opportunities and threats posed by both free trade and protectionism. It argues that the choice of trade policy involves a tradeoff between various determinants of economic success.