Học thuyết – Tác giả Bối cảnh
Quan điểm tác giả Cách maximize benefit
Mercantilism In Europe (England), mid of
16 century.
th
Notable Scholars: Thomas
Mun, James Stewart The end of the feudal mode
(British) and Jean Bordin, of production, the beginning
Melon, Jean Colbert of the capitalist mode of
(French)... production
This period of many great
geographical discoveries in
human history
The golden and silver period
was the currency of trade
between nations
Comparative Advantage The industrial revolution is
over, when the capitalist
(David Ricardo – 1817)
mode of production had
established complete
domination with the two
opposing classes of the
Nội dung
Mercantilism suggests that it is
in a country’s best interest to
maintain a trade surplus -to
export more than it imports
Countries should specialize in
the production of those goods
they produce most efficiently
and buy goods that they produce
less efficiently from other
countries
The theory that profits are
increased by foreign trade.
Maximize benefit through
maximize exports and minimize
imports. Imports were limited
by tariffs and quotas, while
exports were subsidized.
A country has a comparative
advantage when it is able to
produce a good at a lower
opportunity cost than other
countries; The opportunity cost
of producing one good is the
Đóng góp
This is the first theory that
emphasizes the role of trade,
especially international trade.
Theory that paved the way for the
scientific study of international
trade phenomena.
Mercantilism is the ideological
manifesto of early accumulation
capitalism.
The theory has shown the need
and how the State affects foreign
trade activities.
Economic theory was raised as a
scientific theory, distinct from
medieval economic ideas that
explained economic phenomena
in terms of religion.
Comparative advantage theory
provides a strong rationale for
encouraging free trade
Comparative advantage is one of
the most important concepts in
Hạn chế
Theory is heavily empiric in
nature.
It attaches too much importance
to money (gold, silver)
The theory has many inaccurate
and one-sided arguments about
the standards for assessing the
wealth of the country, about the
benefits of participating in
international trade, the parity in
international exchange, about
the impact of commercial
scales.
The theory has not yet
addressed the inner nature of
economic phenomena
The theory does not take into
account factors other than labor
that affect the advantages of
goods and foreign trade such as:
technological change,
transportation costs, cargo
bourgeoisie and the
proletariat.
The division of labor in
society developed, and class
conflicts became more
obvious.
amount of another good that economic theory. insurance and trade barriers.
must be sacrificed when we use
It contributes to explaining the Ricardo's assumptions when
resources to produce one more
causes of most of the international analyzing a simple trade model
unit of that good. Comparative
trade taking place today and is the between two countries have
advantage is determined by
foundation for countries to many unrealistic points (like
calculating the opportunity cost
determine the direction of Adam Smith)
of producing one unit of a
production specialization and
product by comparing the costs Developing countries may be
increase their competitiveness in
of producing different types of kept at a relative disadvantage
the world market.
products. May promote unfair or poor
Comparative advantage increases
working conditions elsewhere
the efficiency of production by
focusing only on those tasks or Can lead to resource depletion
products that one can achieve Risk of over-specialization
more cheaply.
May incentivize rent-seeking
The theory of comparative
.
advantage introduces opportunity
cost as a factor for analysis in
choosing between different
options for production.
Improved profit margins
Lessens the need for government
protectionism