international trade

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international trade

the sale or exchange of goods and services between countries. According to the law of comparative advantage, proposed by the 19th-century political economist Ricardo, a country will ideally produce only those goods and services in the production of which it possesses such advantage that it can produce these more cheaply than other producers. In theory at least, therefore, the international division of labour that results should benefit all nations. However, the extent to which each country benefits depends on the favourableness or otherwise of the TERMS OF TRADE which operate for the commodities and services which it imports and exports. Thus, in recent years many developing nations have experienced adverse and often worsening terms of trade, especially as a result of declining relative prices for food and agricultural raw materials in situations where, in the short run at least, they are unable to shift their output to other areas of production. See DEPENDENCY THEORY, UNEQUAL EXCHANGE, IMPERIALISM.

International Trade

 

the aggregate of the foreign trade of the different countries of the world. International trade arose with the birth of the world market (16th to 18th centuries) and the international division of labor. The development of international trade is closely bound up with the establishment of the capitalist method of production.

References in periodicals archive ?
The WTO is a large multilateral organization that includes most major international trading economies, such as the European Union, the United States and Japan.
Most recently (1985 - 1988) she served as vice president/senior transactor for Citicorp International Trading Company, Inc.
The United States and China have both benefited greatly from our growing trade relationship, and China's participation in the rules-based international trading system has aided China greatly as it transforms itself into a modern commercial power.
Lesko will oversee all sales and trading efforts for Instinet's International Trading Desk in New York, and will work closely with the firm's agency-trading desks in Asia and Europe.
Xinjida is an international trading company based in Singapore.
Offers practical business guidance to companies seeking to expand their international trading activities, and background on the evolution of the WTO and its leading role in the development of freer global markets.
Pink Sheets:NTCI) held a joint press conference with Bank of China, China International Trading Committee and China Railroad Express to officially launch this major strategic partnership and cooperation for Treasure Island Mall, http://www.
TamTam, the provider of innovative, customized and automated international consulting services worldwide, is teaming up with eBay, the world's online marketplace, to provide international trading advisory services to the eBay community.
NYSE: ARJ) a global specialty chemicals company with approximately $1 billion in annual sales, is strengthening its presence in China by consolidating existing Arch offices under Arch International Trading (Shanghai) Co.
Additionally, they often missed many opportunities to compare the best supplier alternatives because manual analysis of international trading variables was too complex.
With my background in international trading and long-standing ties throughout Europe's retail and manufacturing community, Korea will be an essential part of C-Me's global growth.

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