Conflicting Philosophies and International Trade Law by Michael Burkard

Author:Michael Burkard
Language: eng
Format: epub
Publisher: Springer International Publishing, Cham

Core to the perception of international trade in agricultural products is the theory of comparative advantage, first developed by David Ricardo in 1817. 12 Melaku Geboye Desta noted:Stated in policy terms, the theory teaches that international trade based on the comparative advantage of countries, and not on the artificial incentives resulting from protective trade barriers (such as quotas or tariffs) or stimulants (such as export subsidies), enhances global welfare in the interest of all trading nations. In line with the laissez faire philosophy of Adam Smith, the theory of comparative advantage makes a compelling case in favour of the least possible level of government intervention on the flow of international trade. As summarized by Nobel Laureate Paul Samuelson, ‘there is essentially only one argument for free trade or freer trade, but it is an exceedingly powerful one, namely: Free trade promotes a mutually profitable division of labor, greatly enhances the potential real national product of all nations, and makes possible higher standards of living all over the globe. 13

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