7
International Trade Theories and Applications
LEARNING OBJECTIVES
After going through this chapter, you should be able to:
Explain international trade and the classical trade theories
Compare and contrast the theory of absolute advantage and comparative advantage
Relate the importance of the product life-cycle theory with the study of international economics
Review recent trends in world trade
Exporting Ethiopian Roses
Ethiopia adopted a structural adjustment programme in 1991 with a change of government and launched extensive reforms to transform its command economy to a market-oriented economy. In the mid-1990s, the Ethiopian government announced its development vision, known as agricultural development–led industrialization policy ...
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