Trade and Treaties

John Maloney

Chapter 3 in The Political Economy of Robert Lowe, 2005, pp 18-37 from Palgrave Macmillan

Abstract: Abstract The theory of comparative advantage had shown that any two nations could gain by freeing up their trade with each other. The theory was seldom cited in political debate and, on its rare appearances in the Corn Laws controversy, contrived to look like a complicated irrelevance.1 No one disputed that Britain had an absolute advantage in manufacturing and disadvantage in corn. Still, the theory was there to be drawn on when needed, and provided a framework for discussing the more contentious question of whether a nation should drop its tariffs even against a rival who refused to reciprocate.

Keywords: Political Economy; Free Trade; Trade Surplus; Parliamentary Committee; Absolute Advantage (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50404-2_3

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DOI: 10.1057/9780230504042_3

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