国外高校国际贸易笔记.doc

Chapter 2 Classical Theory of International Trade Topics Dealt With: 1. Gains from Trade  Who benefits from trade  Where do the gains come from  How are the gains allocated among trading countries 2. Direction of trade  which goods does a country export or import  what determines the direction of trade 3. What are the terms of trade  how much of the export good trades for the import good Classical vs the Mercantilists: Mercantilists: Thomas Mun (1664)  Keep X Z = Au inflow = more wealth. Thus, the govt should use tariffs and quotas to restrict imports. -trade is a zero-sum game Classical view: David Hume (1752, Scottish philosopher)  pricespecieflow mechanism: X Z = Au outflow = Ms drops = P drops = X rises and Z drops until the X  Z is again zero Thus, the money market is selfregulating = no govt interference in trade. Adam Smith  Absolute Advantage  1776 wrote The Wealth of Nations  laissez faire -invisible hand -self-interest hypothesis *laissez faire markets perform efficiently and maximize social welfare David Ricardo (1817) and Robert Torrens (1808)  Ricardian Theory of Comparative Advantage - trade is mutually beneficial - labor theory of value Gottfried Haberler (1933), James Meade (1952), Wassily W. Leontief (1933), Francis Edgeworth (1881 derived the contract curve), Alfred Marshall (1879), and J. Stuart Mill (1860s)  Trade based on Opportunity Costs (PPC analysis) and offer curve analysis. Eli Heckscher (1919), Bertil Ohlin (1933), Paul Samuelson (1941, 1948), and Wolfgang Stolper (1941)  The HeckscherOhlin-Samuelson Theory of Trade. Classical Theory  concentrates on real factors only  money is neutral  classical dichotomy - Says law (given prices are flexible) = tendency to be at full employment - long run Trade based on Absolute Advantage: Adam Smith Absolute Adva