INTERNATIONAL TRADE & ECONOMICS LAW: THEORIES OF INTERNATIONAL TRADE AND ECONOMICS
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Abstract
The history of International Trade and Economics speaks of the three most basic and important domains, namely; Goods, Services, and Intellectual Property. Initially, trade was carried out by the ‘Barter System’ method in order to carry out trade of goods between various Nations. However, with the passage of time and development in various sectors, the rise of materialistic needs of the various Nations has led to International Relations and thus resulted in International Trade Practices. For example, one may consider the import of cotton into the European Union. The rise of materialistic needs and the inability to satisfy the same by themselves on account of various geographic and climatic conditions ultimately resulted in the import of cotton into the European Union. Early on, the Countries, strived for “Economic Independence” but this led to wars and thus over time, and with experience, the Nations realized that in order to reduce the chances of occurrence of wars they needed to establish a system of “Economic Dependence” between Nations. The former system, was recognized by scholars like Adam Smith post World War-II which acted as the catalyst in bringing about the change. Thus began the propounding of various theories by the various scholars which was vital to the conception of what we know today of International Trade and Economics. The theories of International Trade can be broadly classified into; Mercantilist view, Classical theories of trade, Modern theory of trade and lastly, the New theories of Trade.
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