A collection of essays on contemporary international trade, this text critiques the major theoretical components; including the Ricardian principle of comparative advantage and the developed normative analysis of international transfers

The paper presents a general equilibrium model of a pure exchange economy with stochastic endowments, in which speculation in the forward market is profitable and stabilizes prices but is useless from a welfare point of view. Reconciling the Siegel paradox with the theory of incomplete markets,...