Five Basic Questions about Trade & Development • How does international trade affect economic growth? • How does trade alter the distribution of income? • How can trade promote development? • Can developing countries determine how much they trade? • Is an outward-looking or an inward-looking trade policy best?
Total export earnings depend upon:
- Total volume of exports sold, and
- Price paid for exports
The critique of traditional free-trade theory, in the context of developing-country experience
Based on a number of assumptions:
Both the developing and the developed country could benefit from the trade.
Different developing countries they face different kinds of internal reasons (why they are poor)
The above are the content taught in ECON2005 Intermediate Macroeconomics, Below I will talk more about the content in the course International Trade in Bristol.