We discuss thje role of the dispute settlement mechanism (DSM) of the World Trade Organization (WTO) in the context of a complex characterization of globalization.The dispute settlement mechanism (DSM) of the World Trade Organization (WTO) is at present a controversial exercise at the...

Today’s international trade in goods is driven mainly by the growth of exports and imports of the South. Emerging countries naturally gain global market shares in manufactured goods from old industrialised countries, including Europe. This trend has became even more pronounced during the last...

This paper challenges the conventional wisdom in European economic history that long-distance maritime transport was always more cost-effective than overland trade routes. Thus the majority of historians in the past century have attributed the rapid decline of the medieval Champagne Fairs,...

This study of the Italian wool-based textile industries (woollens, worsteds, and serges) seeks to examine its rise, expansion, and ultimate decline, over a period of five centuries (from ca. 1200 to ca. 1730) in the context of both international competition and economic conjoncture, in the...

A two country, three sector hybrid model of structural change with distortionary government policies is used to quantify the impact of international trade and trade reform for industrialization. The model features Arming- ton motivated trade in agriculture and industry, and a novel...

This paper estimates the trade, revenue and welfare effects of the proposed Caribbean Community (CARICOM)-Canada FTA on CARICOM countries using a partial equilibrium model. The welfare analysis also takes into account the Economic Partnership Agreement (EPA) which was signed in 2008 between the...

This paper analyses the major changes in textile products, production costs, prices, and market orientations during the era when the ‘draperies’ or cloth industries of the late-medieval Low Countries and England had become increasingly dependent upon northern markets and the German Hanseatic...

Distinguished trade theorists maintain that a national economy cannot be uncompetitive as a whole, contrary to the frequent statements of many politicians, because a country must possess a comparative advantage in some sector according to Ricardo’s principle. In this paper the author...

Due to a better understanding of the logical interrelationships between the comparative- advantage proposition, the classical rule of specialization and the proposition regarding the non- appliance of the labor theory of value in international exchanges in Ricardo’s famous numerical example in...

With the famous numerical example of chapter 7 of the Principles David Ricardo intended to illustrate first and foremost the new proposition that his labor theory of value does not regulate the price of international transactions when the factors of production are immobile between countries....