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  • Father of Economics - The Wealth of Nations: Theories of International Trade

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    Dagger Santin
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    The document discusses theories of international trade according to Adam Smith. While Smith supported free trade as outlined in The Wealth of Nations, he acknowledged exceptions for military security and encouraging local industry. The document also outlines the benefits of international trade, including improved standards of living, accelerated economic development, stimulated production, generated foreign exchange earnings, promoted product specialization, and increased customer satisfaction.

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    The document discusses theories of international trade according to Adam Smith. While Smith supported free trade as outlined in The Wealth of Nations, he acknowledged exceptions for military security and encouraging local industry. The document also outlines the benefits of international trade, including improved standards of living, accelerated economic development, stimulated production, generated foreign exchange earnings, promoted product specialization, and increased customer satisfaction.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    13 views1 page

    Father of Economics - The Wealth of Nations: Theories of International Trade

    Uploaded by

    Dagger Santin
    The document discusses theories of international trade according to Adam Smith. While Smith supported free trade as outlined in The Wealth of Nations, he acknowledged exceptions for military security and encouraging local industry. The document also outlines the benefits of international trade, including improved standards of living, accelerated economic development, stimulated production, generated foreign exchange earnings, promoted product specialization, and increased customer satisfaction.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Theories of International Trade

    Views of Adam Smith

    - Father of Economics
    - The Wealth of Nations

    Exceptions to Free Trade

    Smith’s Arguments

    1. Military Security

    2. Encouragement of Local Industry

    The Importance of Trade

    Benefits of International Trade

    - Improves Standard of Living


    - Accelerates Economic Development
    - Stimulates Production
    - Generates Foreign Exchange Earnings
    - Promotes Product Specialization
    - Increase Customer’s Satisfaction

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