文档介绍：InternationalBusinessLecture3InternationalTradeTheoryMercantilism:Mid-16thCenturyAnation’umulatedtreasureGoldandsilverarethecurrencyoftradeTheorysaysyoushouldhaveatradesurplusMaximizeexportthroughsubsidiesMinimizeimportsthroughtariffsandquotasFlaw:“zero-sumgame”Mercantilism-Zero-SumGameIn1752,DavidHumepointedoutthat:IncreasedexportsleadtoinflationandhigherpricesIncreasedimportsleadtolowerpricesResult:CountryAsellslessbecauseofhighpricesandCountryBsellsmorebecauseoflowerpricesInthelongrun,noonecankeepatradesurplusTheoryofAbsoluteAdvantageAdamSmithargued(WealthofNations,1776):CapabilityofonecountrytoproducemoreofaproductwiththesameamountofinputthananothercountrycanvaryAcountryshouldproduceonlygoodswhereitismostefficient,andtradeforthosegoodswhereitisnotefficientTradebetweencountriesis,therefore,beneficialAssumesthereisanabsolutebalanceamongnationsExample:Ghana/cocoa;SKorea/parativeAdvantageDavidRicardo(PrinciplesofPoliticalEconomy,1817):ExtendsfreetradeargumentEfficiencyofresourceutilizationleadstomoreproductivityShouldimportevenifcountryismoreefficientintheproduct’parativelyefficient,thanimportMakesbetteruseofresourcesTradeisapositive-parativeAdvantageandtheGainsFromTradeSimpleExtensionsoftheRicardianModelImmobileresources:ResourcesdonotalwaysmoveeasilyfromoneeconomicactivitytoanotherDiminishingreturns:Diminishingreturnstospecializationsuggeststhataftersomepoint,themoreunitsofagoodthecountryproduces,thegreatertheadditionalresourcesrequiredtoproduceanadditionalitemNotallresourcesareofthesamequality(marginalresources)Differentgoodsuseresourcesindifferentproportions