Disequilibrium Trade Theories


University of Tokyo, Japan


All happy families resemble one another, but each unhappy family is unhappy in its own way (Tolstoy). Equilibrium international trade theory belongs to a very homogeneous system of equilibrium economic theories developed by happy neo-classical economists who believe in the smooth functioning of the price mechanism in a free market society. Disequilibrium international trade theories are, however, quite heterogeneous, depending on related or corresponding different anti-neo-classical economic theories insisted on by unhappy economists who do not believe in the functioning of the price mechanism.

Among such anti-neo-classical theories, two theories ...

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