Description
When can a country be said to benefit from free trade? This question has obsessed economists for more than 200 years, and a definitive answer has never been provided. This text presents the progress made by the author in tackling this important question. The book is divided into three sections: the gains from trade under perfect competition - including chaotic equilibria, endogenous markets, internationalization of the world economy, customs unions, smuggling and optimal commercial policy; the gains from trade under non-profit competition - including increasing returns, socialist economies, oligopolistic competition, and voluntary export restraints; and background - including properties of egalitarian economies, and Pareto's compensation principle.
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