International Trade Theories, Trade, Cultural Diffusion,...

In this assignment, the author will analyze, and identify differences between the basic and base concept of international trade theories. The author will examine and critically assess the concept of international trade. This paper agrees with the economist that international trade is the interdependence of nations in terms of trade, cultural diffusion, and economic interdependency. International business trade theories are basically different theories with their concept of trade how they explain international trade. The concept of majority of economist believe that, trade is about exchanging goods and services between two people or countries within the world. People do trade because they believe that, from the exchange of goods and service, both can benefit from each other resources. They need the goods and services which they are exchanged. Though at the surface, this may sound very simple, there is a great deal of theory, policy, and business strategy that constitutes international trade. The author will talk about the different trade theories that have developed over the past century and which are mine. Most applicable in today s business world. In addition, the author will explore the issues which impact international trade and how businesses and governments use these issues to their respective benefits to promote their international trade. Adam Smith Absolute Advantage Adam Smith a Scottish an economist, known as the father of free trade and he was recognized as theShow MoreRelatedGlobalization: Its Effects Key Drivers and Supporting Theories695 Words   |  3 PagesGlobalization: Its Effects, Key Drivers and Supporting Theories Globalization according to Johnson (2009) can be defined in several ways and hence the term cannot be said to have an assigned definition. 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