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The Economics Book by DK

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RG

IN CONTEXT

FOCUS

Global economy

KEY THINKER

David Ricardo (1772–1823)

BEFORE

433 BCE The Athenians impose trade sanctions on the Megarians in one of the first recorded trade wars.

1549 John Hales, an English politician, expresses the widely held view that free trade is bad for the country.

AFTER

1965 US economist Mancur Olson shows that governments respond more to the appeal of a concentrated group than one that is more dispersed.

1967 Swedish economists Bertil Ohlin and Eli Heckscher develop Ricardo’s trade theory to examine how a comparative advantage might change over time.

The ideas of the renowned 18th-century British economist David Ricardo were clearly ...

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