 ALTERING THE PATTERN OF TRADE IN THE WEALTH OF NATIONS: ADAM SMITH AND THE HISTORIOGRAPHY OF INTERNATIONAL TRADE THEORYJournal of the History of Economic Thought, 2020, vol. 42, issue 1, 19-42 Abstract: There are three different interpretations of Adam Smith’s trade theory in modern literature: first, the neoclassical theory of absolute advantage; second, an interpretation based on increasing returns; third, an interpretation of uneven development. These interpretations come to widely different conclusions, especially considering the development of the pattern of trade in Smith’s theory. I discuss how these three interpretations emerged. They do not stem from a more detailed analysis of Smith’s works itself but reflect changes within international trade theory. They all result from the fact that economists have imposed nineteenth- and twentieth-century modes of thoughts on Smith’s theory, forcing his writings into later-developed theoretical frameworks. In contrast to classical economists in the nineteenth century, these subsequent interpretations misrepresent Smith’s trade theory in order to portray him as a forerunner of later theories. The differing interpretations can thus be explained only against the backdrop of the development of international trade theory. Date: 2020 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:cup:jhisec:v:42:y:2020:i:1:p:19-42_2 Access Statistics for this article More articles in Journal of the History of Economic Thought from Cambridge University Press Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK. |
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