This paper calculates international income transfers which implement a Pareto optimal trade equilibrium in a world …

, species extinction and industrial pollution were rising. Recently it has been intensified by the creation of the World Trade … hampered by the lack of a common language and also suffered from little recourse to economic theory and empirical evidence. The … international trade. We critically review both theory and empirical work to answer three basic questions. What do we know about the …

has transformed the country from a negligible player in world trade to the world's second largest exporter, as well as a …

welfare gain from moving to a world with frictionless trade. In this model, a country's trade potential depends on only the …

together--there is a world component to business cycles. This paper argues that capital accumulation and international capital … flows are central to understanding world trade and business cycles. In particular, fluctuations in net exports and the …

representing 1% of the world's GDP experiences a gain of 41% as it goes from autarky to frictionless trade with the rest of the … world. But the gains from openness, which includes not only trade but all the other ways through which countries interact …