Much of the modern history of international relations concerns efforts to promote freer trade between nations. This article provides a historical overview of the structure of international trade and of the …

International trade, however, refers specifically to an exchange between members of different countries, and accounts and explanations of such trade begin only with the rise of the modern nation-state at …

Comparative Advantage, Trade Barriers, Globalization: For clarity of exposition, the theory of comparative advantage is usually first outlined as though only two countries and only two …

The WTO encourages free trade around the world. The lifting of trade limits caused international trade to grow. However, some people questioned the idea of free trade. Without trade limits, they warned, …

A trade war happens when countries retaliate against each other’s trade barriers—typically by raising tariffs. These conflicts can escalate tensions, disrupt economies, and can have far-reaching …

On the international level, trade is generally conducted for the purpose of providing a country with goods it lacks in exchange for those that it produces in abundance; such economic activity, functioning with …

Trade wars escalate tensions, disrupt economies, and can have far-reaching consequences, including recessions and supply chain disruptions. International initiatives such as the World Trade …

If the exports of a country exceed its imports, the country is said to have a favorable balance of trade, or a trade surplus. Conversely, if the imports exceed exports, an unfavorable balance of trade, or a …

The theory of comparative advantage supports free trade and specialization among countries. In other words, no matter how you slice it, comparative advantage, plus international trade, equals higher …

Why is it that, despite widespread agreement among economists that international trade is good for all parties involved, trade barriers—including tariffs, subsidies, import quotas, currency devaluation, and …