Trading blocks can help or hinder the liberalization of world trade. A determining factor is whether trade within the block is organized around traditional comparative advantages, or around economies of scale. Regional free trade agreements such as NAFTA can be a substitutes for global free...

Due to a better understanding of the logical interrelationships between the comparative- advantage proposition, the classical rule of specialization and the proposition regarding the non- appliance of the labor theory of value in international exchanges in Ricardo’s famous numerical example in...

With the famous numerical example of chapter 7 of the Principles David Ricardo intended to illustrate first and foremost the new proposition that his labor theory of value does not regulate the price of international transactions when the factors of production are immobile between countries....

The so-called Ricardian model of contemporary economic textbooks differs significantly from the famous numerical example included in chapter seven of the Principles. The difference is not merely with respect to the definition of the four numbers, but also in terms of underlying proposition,...

Ricardo essentially adhered to the logic of trade that Smith formulated in the Wealth of Nations. The contrary notion that they had opposing logics of trade is the result of an inaccurate interpretation of Ricardo’s numerical demonstration of the comparative-advantage proposition in chapter...

Regional free trade zones have been unexpectedly successful in the last decade. Since 1980 the European Community enlarged significantly its membership and its scope. It now includes southern European countries, and market-integrating features allowing goods, people, services and capital to flow...

Regional free trade zones have been unexpectedly successful in the last decade. Since 1980 the European Community enlarged significantly its membership and its scope. It now includes southern European countries, and market-integrating features allowing goods, people, services and capital to flow...

Regional free trade zones have been unexpectedly successful in the last decade. Since 1980 the European Community enlarged significantly its membership and its scope. It now includes southern European countries, and market-integrating features allowing goods, people, services and capital to flow...