Akademik Veri Yönetim Sistemi
INTERNATIONAL ECONOMICS I, Prof.Dr. Elif UÇKAN DAĞDEMİR, Editör, T.C. ANADOLU UNIVERSITY PUBLICATION, Eskişehir, ss.3-31, 2024
International trade has faced numerous disruptions due to global financial and economic crises. Recent events, such as the 1997 Asian financial crisis, the 2008 financial crisis, the 2009 European debt crisis and the economic impacts of the Covid-19 pandemic crisis since 2020 have indicated that we have entered a new critical phase in the extensive history of international trade and exchange. It is important to comprehend the fundamental principles of trade, government policies affecting it, and the evolution of current concepts over several centuries. Since present-day analysis is built on early views of international trade, and outdated theories still influence trade policy, it is crucial to trace their origins and evaluate their relevance in the present era. This chapter will provide a review of the contributions of the Mercantilist and Classical schools of thought, evaluate their appropriateness, and review the early trade theories proposed by David Hume and Adam Smith. Then David Ricardo’s comparative advantage theory will be extensively discussed. This chapter aims to provide a foundational understanding of international trade’s underlying concepts and principles by exploring these theories.