Free trade vs. protectionism: the international economic theory debate
Keywords:
Free trade, Protectionism, Trade policy, EfficiencyAbstract
From the early mercantilist ideas to the most current theories of international trade, the debate between free trade vs. protectionism has been settled in a key position. All schools of economic thought have taken part for one or another concept, outlining and theorizing about different arguments. The theory of international trade has shown again and again the benefits that each of the two concepts brings. However, this theoretical debate is anything but static. Trade policy on its own is not enough to achieve and maintain a business position. This paper explores these issues and attempts to bring elements to foster the debate from a dynamic perspective of the international trade theory.
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