250:
109:
125:
380:
nations' deficits. He proposed a global bank that would issue its own currency – the bancor – which was exchangeable with national currencies at fixed rates of exchange and would become the unit of account between nations, which means it would be used to measure a country's trade deficit or trade surplus. Every country would have an overdraft facility in its bancor account at the
International Clearing Union. He pointed out that surpluses lead to weak global aggregate demand – countries running surpluses exert a "negative externality" on trading partners, and posed far more than those in deficit, a threat to global prosperity. In
475:
country (country A sells to country B, country B sells to country C who buys from country A, but the trade deficit only includes A and B). However, it may be in one form or another including the possible tradeoff of foreign control of assets. In his view, the "worst-case scenario" of the currency never returning to the country of origin was actually the best possible outcome: the country actually purchased its goods by exchanging them for pieces of cheaply made paper. As
Friedman put it, this would be the same result as if the exporting country burned the dollars it earned, never returning it to market circulation.
133:
47:
439:
francs to
England. The customhouse would record an export of 50 francs. If in England, the wine sold for 70 francs (or the pound equivalent), which he then used to buy coal, which he imported into France (the customhouse would record an import of 70 francs), and was found to be worth 90 francs in France, he would have made a profit of 40 francs. But the customhouse would say that the value of imports exceeded that of exports and was trade deficit of 20 against the ledger of France.This is not true for the current account that would be in surplus.
242:
29:
117:
2343:
345:
however, can be more absurd than this whole doctrine of the balance of trade, upon which, not only these restraints, but almost all the other regulations of commerce are founded. When two places trade with one another, this doctrine supposes that, if the balance be even, neither of them either loses or gains; but if it leans in any degree to one side, that one of them loses and the other gains in proportion to its declension from the exact equilibrium.
376:. The two governing principles of the plan were that the problem of settling outstanding balances should be solved by 'creating' additional 'international money', and that debtor and creditor should be treated almost alike as disturbers of equilibrium. In the event, though, the plans were rejected, in part because "American opinion was naturally reluctant to accept the principle of equality of treatment so novel in debtor-creditor relationships".
272:, especially with Asian nations (China and Japan) which now hold large sums of U.S. debt that has in part funded the consumption. The U.S. has a trade surplus with nations such as Australia. The issue of trade deficits can be complex. Trade deficits generated in tradeable goods such as manufactured goods or software may impact domestic employment to different degrees than do trade deficits in raw materials.
2353:
471:. Since 1971, when the Nixon administration decided to abolish fixed exchange rates, America's Current Account accumulated trade deficits have totaled $ 7.75 trillion as of 2010. This deficit exists as it is matched by investment coming into the United States – purely by the definition of the balance of payments, any current account deficit that exists is matched by an inflow of foreign investment.
514:
482:. Hume argued that England could not permanently gain from exports, because hoarding gold (i.e., currency) would make gold more plentiful in England; therefore, the prices of English goods would rise, making them less attractive exports and making foreign goods more attractive imports. In this way, countries' trade balances would balance out.
448:, Bastiat argued that the national trade deficit was an indicator of a successful economy, rather than a failing one. Bastiat predicted that a successful, growing economy would result in greater trade deficits, and an unsuccessful, shrinking economy would result in lower trade deficits. This was later, in the 20th century, echoed by economist
203:. In export-led growth (such as oil and early industrial goods), the balance of trade will shift towards exports during an economic expansion. However, with domestic demand-led growth (as in the United States and Australia) the trade balance will shift towards imports at the same stage in the business cycle.
499:
Exports directly increase and imports directly reduce a nation's balance of trade (i.e. net exports). A trade surplus is a positive net balance of trade, and a trade deficit is a negative net balance of trade. Due to the balance of trade being explicitly added to the calculation of the nation's gross
156:
Measuring the balance of trade can be problematic because of problems with recording and collecting data. As an illustration of this problem, when official data for all the world's countries are added up, exports exceed imports by almost 1%; it appears the world is running a positive balance of trade
152:
The trade balance is identical to the difference between a country's output and its domestic demand (the difference between what goods a country produces and how many goods it buys from abroad; this does not include money re-spent on foreign stock, nor does it factor in the concept of importing goods
379:
The new system is not founded on free-trade (liberalisation of foreign trade) but rather on the regulation of international trade, in order to eliminate trade imbalances: the nations with a surplus would have a powerful incentive to get rid of it, and in doing so they would automatically clear other
474:
In the late 1970s and early 1980s, the U.S. had experienced high inflation and
Friedman's policy positions tended to defend the stronger dollar at that time. He stated his belief that these trade deficits were not necessarily harmful to the economy at the time since the currency comes back to the
387:
His view, supported by many economists and commentators at the time, was that creditor nations may be just as responsible as debtor nations for disequilibrium in exchanges and that both should be under an obligation to bring trade back into a state of balance. Failure for them to do so could have
344:
In the foregoing part of this chapter I have endeavoured to show, even upon the principles of the commercial system, how unnecessary it is to lay extraordinary restraints upon the importation of goods from those countries with which the balance of trade is supposed to be disadvantageous. Nothing,
275:
Economies that have savings surpluses, such as Japan and
Germany, typically run trade surpluses. China, a high-growth economy, has tended to run trade surpluses. A higher savings rate generally corresponds to a trade surplus. Correspondingly, the U.S. with its lower savings rate has tended to run
438:
expressed the idea that trade deficits actually were a manifestation of profit, rather than a loss. He proposed as an example to suppose that he, a
Frenchman, exported French wine and imported British coal, turning a profit. He supposed he was in France and sent a cask of wine which was worth 50
165:
in the account of each nation. The discrepancy is widely believed to be explained by transactions intended to launder money or evade taxes, smuggling and other visibility problems. While the accuracy of developing countries' statistics would be suspicious, most of the discrepancy actually occurs
570:
Includes only visible imports and exports, i.e. imports and exports of merchandise. The difference between exports and imports is called the balance of trade. If imports are greater than exports, it is sometimes called an unfavourable balance of trade. If exports exceed imports, it is sometimes
304:
argues that "persistent imbalances within the euro zone are... unhealthy, as they lead to financial imbalances as well as to unbalanced growth. The fact that
Germany is selling so much more than it is buying redirects demand from its neighbors (as well as from other countries around the world),
206:
The monetary balance of trade is different from the physical balance of trade (which is expressed in amount of raw materials, known also as Total
Material Consumption). Developed countries usually import a substantial amount of raw materials from developing countries. Typically, these imported
405:
when – in the opinion of Keynes and others – international lending, primarily by the U.S., exceeded the capacity of sound investment and so got diverted into non-productive and speculative uses, which in turn invited default and a sudden stop to the process of lending.
207:
materials are transformed into finished products and might be exported after adding value. Financial trade balance statistics conceal material flow. Most developed countries have a large physical trade deficit because they consume more raw materials than they produce.
279:
Some have said that China pursues a mercantilist economic policy. Russia pursues a policy based on protectionism, according to which international trade is not a "win-win" game but a zero-sum game: surplus countries get richer at the expense of deficit countries.
500:
domestic product using the expenditure method of calculating gross domestic product (i.e. GDP), trade surpluses are contributions and trade deficits are "drags" upon their nation's GDP; however, foreign made goods sold (e.g., retail) contribute to total GDP.
323:
A 2018 National Bureau of
Economic Research paper by economists at the International Monetary Fund and University of California, Berkeley, found in a study of 151 countries over 1963-2014 that the imposition of tariffs had little effect on the trade balance.
261:, 1549: "We must always take heed that we buy no more from strangers than we sell them, for so should we impoverish ourselves and enrich them." Similarly, a systematic and coherent explanation of balance of trade was made public through
421:
schools of thought in the 1980s, and particularly in the face of large sustained trade imbalances, these concerns – and particularly concerns about the destabilising effects of large trade surpluses – have largely disappeared from
398:, "If the economic relationships between nations are not, by one means or another, brought fairly close to balance, then there is no set of financial arrangements that can rescue the world from the impoverishing results of chaos."
1362:
Smith, Adam. (1776). An
Inquiry into the Nature and Causes of the Wealth of Nations, Indianapolis: Liberty Fund, 1981, 2 vols., (1776) (reprint of the Clarendon Press edition, Oxford 1976, with Edward Cannan's original index from
466:
Friedman argued that trade deficits are not necessarily important, as high exports raise the value of the currency, reducing aforementioned exports, and vice versa for imports, thus naturally removing trade deficits
230:, which theorized that a trade surplus was beneficial to a country. Mercantilist ideas also influenced how European nations regulated trade policies with their colonies, promoting the idea that natural resources and
148:
as well as international aid. If the current account is in surplus, the country's net international asset position increases correspondingly. Equally, a deficit decreases the net international asset position.
1143:
652:
409:
Influenced by Keynes, economics texts in the immediate post-war period put a significant emphasis on balance in trade. For example, the second edition of the popular introductory textbook,
413:, devoted the last three of its ten chapters to questions of foreign exchange management and in particular the 'problem of balance'. However, in more recent years, since the end of the
1441:
316:
Usage of efficiently produced foreign-made intermediate goods is productivity-enhancing for US firms: the US makes the most effective use of the global division of labor
300:
points out that countries running surpluses exert a "negative externality" on trading partners, and pose a threat to global prosperity, far more than those in deficit.
1020:
2298:
100:. The notion that bilateral trade deficits are per se detrimental to the respective national economies is overwhelmingly rejected by trade experts and economists.
1072:
77:
of exports and imports over a given period of time. The notion of the balance of trade does not mean that exports and imports are "in balance" with each other.
463:, contended that some of the concerns of trade deficits are unfair criticisms in an attempt to push macroeconomic policies favorable to exporting industries.
2168:
73:
over a certain time period. Sometimes a distinction is made between a balance of trade for goods versus one for services. The balance of trade measures a
2160:
2115:
1203:
1878:
2183:
2136:
1098:
2084:
2068:
1697:
365:
288:
The notion that bilateral trade deficits are bad in and of themselves is overwhelmingly rejected by trade experts and economists. According to the
2248:
2173:
1121:
2273:
574:
Includes all those visible and invisible items exported from and imported into the country in addition to exports and imports of merchandise.
1750:
582:
Includes all revenue and capital items whether visible or non-visible. The balance of trade thus forms a part of the balance of payments.
2278:
2063:
2283:
2293:
456:
2263:
2258:
2238:
2228:
2223:
2146:
1275:
795:
1238:
313:
Greater consumption than production: the US enjoys the better side of the bargain by being able to consume more than it produces
2303:
2178:
2058:
1253:
976:
2392:
2198:
1823:
1798:
1467:
1293:
1188:
948:
914:
680:
364:
was much preoccupied with the question of balance in international trade. He was the leader of the British delegation to the
145:
141:
35:
2356:
2318:
2308:
2218:
2382:
2233:
2213:
2203:
2193:
2037:
2323:
2313:
2208:
319:
A large market that other countries are reliant on for exports enhances American bargaining power in trade negotiations
216:
2288:
2243:
1900:
1803:
1743:
389:
372:
of international currency management. He was the principal author of a proposal – the so-called Keynes Plan – for an
2268:
594:
97:
249:
579:
Includes revenues received or paid on account of imports and exports of merchandise. It shows only revenue items.
265:'s 1630 "England's treasure by foreign trade, or, The balance of our foreign trade is the rule of our treasure".
653:"Analysis: Trump rails against trade deficit, but economists say there's no easy way for him to make it go away"
234:
should be exported to Europe, with processed goods being exported back to the colonies in return. Ideas such as
2141:
633:
269:
1214:
108:
124:
2387:
2377:
2346:
2094:
1736:
813:
736:
373:
1165:
2253:
2027:
1905:
1873:
998:
289:
55:
39:
1598:
1893:
1166:"The IMF in Action: How can the IMF help in a crisis? Getting a member country's economy back on track"
1813:
1510:
1349:
1888:
770:
2089:
1977:
877:
173:
The cost of production (land, labor, capital, taxes, incentives, etc.) in the exporting economy
46:
2131:
1414:
132:
2012:
1972:
1930:
1793:
1645:
1336:
435:
1672:
1213:
296:
problem, which can affect foreign exchange shortages and hurt countries. On the other hand,
1992:
1910:
444:
423:
414:
369:
1711:
941:
Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
814:"The Daily — Comparing Canadian and US bilateral trade in goods data, 2014, 2015 and 2016"
535:
8:
2032:
1828:
1778:
1759:
361:
293:
20:
1046:
2110:
1773:
1324:
1208:
1629:
1588:
although see Duncan, R (2005). "The Dollar Crisis: Causes, Consequences, Cures", Wiley
1955:
1691:
1388:
1328:
1289:
944:
744:
629:
28:
839:
434:
Prior to 20th-century monetarist theory, the 19th-century economist and philosopher
1883:
1314:
1281:
708:
604:
402:
158:
911:
306:
241:
2002:
1935:
1925:
1788:
918:
449:
297:
195:
Prices of goods manufactured at home (influenced by the responsiveness of supply)
88:, and conversely, if a country imports a greater value than it exports, it has a
192:
The availability of adequate foreign exchange with which to pay for imports; and
180:
The cost and availability of raw materials, intermediate goods and other inputs;
2328:
1853:
1309:
Furceri, Davide; Hannan, Swarnali A; Ostry, Jonathan D; Rose, Andrew K (2018).
1099:"Study: Russia Insulated From Further Sanctions by Import Substitution Success"
487:
338:
200:
1579:
See for example, Krugman, P and Wells, R (2006). "Economics", Worth Publishers
2371:
1988:
1940:
1843:
1818:
1285:
860:
748:
599:
394:
116:
74:
881:
157:
with itself. This cannot be true, because all transactions involve an equal
2188:
1983:
539:
478:
This position is a more refined version of the theorem first discovered by
301:
227:
32:
1833:
1239:"Lahcen Bounader's weblog: A Critical Issue Addressed to Joseph Stiglitz"
309:, there are three main benefits to trade deficits for the United States:
1967:
1963:
1945:
1920:
1808:
479:
460:
418:
382:"National Self-Sufficiency" The Yale Review, Vol. 22, no. 4 (June 1933)
262:
235:
1728:
628:. Upper Saddle River, New Jersey: Pearson Prentice Hall. p. 462.
189:
Non-tariff barriers such as environmental, health or safety standards;
186:
Multilateral, bilateral and unilateral taxes or restrictions on trade;
1915:
1848:
1277:
America's Global Advantage: US Hegemony and International Cooperation
528:
231:
1310:
2042:
1319:
963:
524:
1996:
1511:"601 David Singh Grewal, What Keynes warned about globalization"
238:
spurred the popularity of mercantilism in European governments.
1838:
1204:"Nobel Laureate Joseph Stiglitz Says the Euro Needs Big Reform"
1122:"Food import substitution turns out to be extremely profitable"
257:
An early statement concerning the balance of trade appeared in
253:
Trade policy, exports and growth in selected European countries
80:
If a country exports a greater value than it imports, it has a
70:
66:
1671:
Analysis, US Department of Commerce, BEA, Bureau of Economic.
865:
Colbert, Mercantilism and the French Quest for the Asian Trade
494:
305:
reducing output and employment outside Germany." According to
199:
In addition, the trade balance is likely to differ across the
1606:
384:, he already highlighted the problems created by free trade.
162:
840:"Physical Trade Balance, OECD Glossary of Statistical Terms"
144:, which includes other transactions such as income from the
16:
Difference between the monetary value of exports and imports
681:"Trump warns of trade deficits. Economists say, who cares?"
503:
485:
Friedman presented his analysis of the balance of trade in
112:
Balance of trade in goods and services (Eurozone countries)
65:
is the difference between the monetary value of a nation's
1554:. Second Edition. Thomas Nelson and Sons. pp. 368–72.
1377:. Second Edition. Thomas Nelson and Sons. pp. 326–29.
270:
United States has had a growing deficit in tradeable goods
226:
Many countries in early modern Europe adopted a policy of
769:
Romei, Valentina; Cocco, Federica (24 September 2017).
491:, widely considered his most significant popular work.
426:
discourse and Keynes' insights have slipped from view.
259:
Discourse of the Common Wealth of this Realm of England
1539:. Second Edition. Thomas Nelson and Sons. p. 336.
1308:
623:
169:
Factors that can affect the balance of trade include:
1280:. Cambridge: Cambridge University Press. p. 89.
1073:"Russia was most protectionist nation in 2013: study"
1021:"U.S. tech group urges global action against Chinese"
332:
1492:
276:
high trade deficits, especially with Asian nations.
2116:
Cooperation Council for the Arab States of the Gulf
1712:"gross domestic product - Definition & Formula"
1144:"Economists Take Aim at Trump Trade Theory – Again"
901:
Thomas Mun, Oxford National Dictionary of Biography
166:between developed countries of trusted statistics.
1564:
1549:
1534:
1372:
98:about 60 out of 200 countries have a trade surplus
2137:Economic and Monetary Community of Central Africa
401:These ideas were informed by events prior to the
2369:
2085:Customs Union of Belarus, Kazakhstan, and Russia
2069:South Asian Association for Regional Cooperation
771:"UK and US report trade surplus with each other"
624:O'Sullivan, Arthur; Sheffrin, Steven M. (2003).
366:United Nations Monetary and Financial Conference
1442:"Current Global Imbalances and the Keynes Plan"
977:"Macroeconomic effects of Chinese mercantilism"
938:
128:U.S. trade balance and trade policy (1895–2015)
1189:"Reform the euro or bin it by Joseph Stiglitz"
1744:
1468:"Reform the euro or bin it - Joseph Stiglitz"
890:Civilization and Capitalism 15th–18th Century
1696:: CS1 maint: multiple names: authors list (
964:Major foreign holders of Treasury securities
2064:Regional Comprehensive Economic Partnership
1627:
934:
932:
930:
796:"Trump vs. Trudeau: Both Right, Both Wrong"
495:Trade balance’s effects upon a nation's GDP
283:
136:U.K. balance of trade in goods (since 1870)
1751:
1737:
1201:
1119:
768:
417:in 1971, with the increasing influence of
1569:. Second Edition. Thomas Nelson and Sons.
1439:
1318:
2147:West African Economic and Monetary Union
1465:
1236:
1186:
927:
504:Balance of trade vs. balance of payments
248:
240:
131:
123:
115:
107:
45:
27:
1758:
1311:"Macroeconomic Consequences of Tariffs"
1273:
140:The balance of trade forms part of the
2370:
2059:Association of Southeast Asian Nations
1879:UN Conference on Trade and Development
1631:Essays, Moral, Political, and Literary
1497:Grupo de Economía Política Alternativa
1254:"Germany's trade surplus is a problem"
1141:
904:
459:-winning economist and a proponent of
388:serious consequences. In the words of
350:Smith, 1776, book IV, ch. iii, part ii
1824:Import substitution industrialization
1732:
1237:Bounader, Lahcen (31 December 2016).
1120:Samofalova, Olga (10 February 2017).
647:
645:
571:called a favourable balance of trade.
221:
153:to produce for the domestic market).
146:net international investment position
2352:
2078:Europe, Central Asia, and North Asia
1670:
1251:
1202:Lowenstein, Roger (16 August 2016).
957:
910:Bivens, L. Josh (14 December 2004).
859:
731:
729:
703:
701:
675:
673:
507:
429:
2038:Central American Integration System
1135:
360:In the last few years of his life,
355:
327:
50:Cumulative current account balance
13:
642:
333:Adam Smith on the balance of trade
217:Foreign trade of the United States
14:
2404:
1901:International Chamber of Commerce
1804:Export-oriented industrialization
726:
698:
670:
183:Currency exchange rate movements;
2351:
2342:
2341:
595:List of countries by net exports
512:
1704:
1664:
1638:
1621:
1591:
1582:
1573:
1558:
1543:
1528:
1503:
1485:
1466:Stiglitz, Joseph (5 May 2010).
1459:
1433:
1407:
1381:
1366:
1356:
1302:
1267:
1245:
1230:
1195:
1187:Stiglitz, Joseph (5 May 2010).
1180:
1158:
1142:Gramer, Robbie (6 March 2017).
1113:
1091:
1065:
1039:
1013:
999:"China's Economic Mercantilism"
991:
969:
895:
870:
853:
626:Economics: Principles in Action
245:Merchandise exports (1870–1992)
177:those in the importing economy;
2142:Southern African Customs Union
832:
806:
788:
762:
617:
527:format but may read better as
103:
1:
1673:"Bureau of Economic Analysis"
610:
368:in 1944 that established the
2393:International macroeconomics
2299:Telecommunications equipment
2104:Middle East and North Africa
2095:European Union Customs Union
737:"What Is the Trade Deficit?"
374:International Clearing Union
7:
2028:Andean Community of Nations
1906:Bilateral investment treaty
1874:International Monetary Fund
1565:Crowther, Geoffrey (1948).
1550:Crowther, Geoffrey (1948).
1535:Crowther, Geoffrey (1948).
1373:Crowther, Geoffrey (1948).
1146:. Foreign Policy (magazine)
924:. Retrieved on 8 July 2007.
588:
292:trade deficits can cause a
210:
56:International Monetary Fund
40:International Monetary Fund
38:balance 1980–2008 based on
10:
2409:
2383:International trade theory
1894:International Trade Centre
685:Public Radio International
455:In the 1980s, Friedman, a
336:
214:
120:US trade balance from 1960
18:
2337:
2169:Aircraft & Spacecraft
2159:
2124:
2103:
2077:
2051:
2020:
2011:
1954:
1862:
1814:Foreign exchange reserves
1766:
1440:Costabile, Lilia (2007).
966:. United States Treasury.
922:Economic Policy Institute
268:Since the mid-1980s, the
1889:World Trade Organization
1313:. Working Paper Series.
1286:10.1017/cbo9780511676406
939:Phillips, Kevin (2007).
917:17 December 2004 at the
284:Views on economic impact
19:Not to be confused with
2090:Eurasian Economic Union
1978:Repeal of the Corn Laws
1274:Norrlof, Carla (2010).
536:converting this section
94:negative trade balance.
2132:East African Community
2013:Regional organizations
1446:scholarworks.umass.edu
1415:"Trade Liberalization"
1344:Cite journal requires
1191:. www.theguardian.com.
886:The Wheels of Commerce
353:
254:
246:
137:
129:
121:
113:
86:positive trade balance
59:
43:
1973:The Wealth of Nations
1931:Special economic zone
1794:Comparative advantage
1515:www.india-seminar.com
469:not due to investment
342:
252:
244:
135:
127:
119:
111:
49:
31:
1993:Economic nationalism
1911:Economic integration
1646:"Expenditure Method"
1628:Hume, David (1904).
818:www150.statcan.gc.ca
565:Balance of payments
457:Nobel Memorial Prize
445:reductio ad absurdum
424:mainstream economics
415:Bretton Woods system
370:Bretton Woods system
2388:International trade
2378:Balance of payments
2249:Integrated circuits
2033:Caribbean Community
1829:Net capital outflow
1779:Balance of payments
1760:International trade
1609:on 10 December 2006
1599:"TheIdeaChannel.tv"
1567:An Outline of Money
1552:An Outline of Money
1537:An Outline of Money
1375:An Outline of Money
912:Debt and the dollar
411:An Outline of Money
362:John Maynard Keynes
294:balance of payments
54:1980–2008 based on
21:Balance of payments
2161:Exports by product
2111:Arab Customs Union
1774:Absolute advantage
1603:www.ideachannel.tv
1395:. 25 November 2003
1209:The New York Times
1079:. 30 December 2013
1053:. 25 November 2003
979:. 31 December 2009
876:Now attributed to
741:The New York Times
713:www.igmchicago.org
538:, if appropriate.
255:
247:
222:Historical example
138:
130:
122:
114:
60:
44:
2365:
2364:
2155:
2154:
2125:Subsaharan Africa
1956:Political economy
1295:978-0-521-76543-5
1252:Bernanke, Ben S.
1218:on 1 January 2022
950:978-0-14-314328-4
820:. 6 February 2018
586:
585:
557:
556:
430:Monetarist theory
392:, then editor of
390:Geoffrey Crowther
2400:
2355:
2354:
2345:
2344:
2018:
2017:
1884:World Bank Group
1784:Balance of trade
1753:
1746:
1739:
1730:
1729:
1723:
1722:
1720:
1718:
1708:
1702:
1701:
1695:
1687:
1685:
1683:
1668:
1662:
1661:
1659:
1657:
1642:
1636:
1635:
1625:
1619:
1618:
1616:
1614:
1605:. Archived from
1595:
1589:
1586:
1580:
1577:
1571:
1570:
1562:
1556:
1555:
1547:
1541:
1540:
1532:
1526:
1525:
1523:
1521:
1507:
1501:
1500:
1489:
1483:
1482:
1480:
1478:
1463:
1457:
1456:
1454:
1452:
1437:
1431:
1430:
1428:
1426:
1411:
1405:
1404:
1402:
1400:
1385:
1379:
1378:
1370:
1364:
1360:
1354:
1353:
1347:
1342:
1340:
1332:
1322:
1306:
1300:
1299:
1271:
1265:
1264:
1262:
1260:
1249:
1243:
1242:
1234:
1228:
1227:
1225:
1223:
1217:
1212:. Archived from
1199:
1193:
1192:
1184:
1178:
1177:
1175:
1173:
1162:
1156:
1155:
1153:
1151:
1139:
1133:
1132:
1130:
1128:
1117:
1111:
1110:
1108:
1106:
1095:
1089:
1088:
1086:
1084:
1069:
1063:
1062:
1060:
1058:
1043:
1037:
1036:
1034:
1032:
1017:
1011:
1010:
1008:
1006:
995:
989:
988:
986:
984:
973:
967:
961:
955:
954:
936:
925:
908:
902:
899:
893:
878:Sir Thomas Smith
874:
868:
867:
857:
851:
850:
848:
846:
836:
830:
829:
827:
825:
810:
804:
803:
792:
786:
785:
783:
781:
766:
760:
759:
757:
755:
733:
724:
723:
721:
719:
709:"Trade Balances"
705:
696:
695:
693:
691:
677:
668:
667:
665:
663:
649:
640:
639:
621:
605:Transfer problem
562:Balance of trade
559:
558:
552:
549:
543:
534:You can help by
516:
515:
508:
436:Frédéric Bastiat
403:Great Depression
356:Keynesian theory
351:
328:Classical theory
63:Balance of trade
2408:
2407:
2403:
2402:
2401:
2399:
2398:
2397:
2368:
2367:
2366:
2361:
2333:
2279:Pharmaceuticals
2151:
2120:
2099:
2073:
2047:
2007:
2003:Dedollarisation
1950:
1936:Trade agreement
1926:Free-trade zone
1867:
1865:
1858:
1799:Current account
1789:Capital account
1762:
1757:
1727:
1726:
1716:
1714:
1710:
1709:
1705:
1689:
1688:
1681:
1679:
1669:
1665:
1655:
1653:
1644:
1643:
1639:
1626:
1622:
1612:
1610:
1597:
1596:
1592:
1587:
1583:
1578:
1574:
1563:
1559:
1548:
1544:
1533:
1529:
1519:
1517:
1509:
1508:
1504:
1491:
1490:
1486:
1476:
1474:
1464:
1460:
1450:
1448:
1438:
1434:
1424:
1422:
1413:
1412:
1408:
1398:
1396:
1387:
1386:
1382:
1371:
1367:
1361:
1357:
1345:
1343:
1334:
1333:
1307:
1303:
1296:
1272:
1268:
1258:
1256:
1250:
1246:
1235:
1231:
1221:
1219:
1200:
1196:
1185:
1181:
1171:
1169:
1164:
1163:
1159:
1149:
1147:
1140:
1136:
1126:
1124:
1118:
1114:
1104:
1102:
1097:
1096:
1092:
1082:
1080:
1071:
1070:
1066:
1056:
1054:
1047:"Protectionism"
1045:
1044:
1040:
1030:
1028:
1027:. 16 March 2017
1019:
1018:
1014:
1004:
1002:
997:
996:
992:
982:
980:
975:
974:
970:
962:
958:
951:
937:
928:
919:Wayback Machine
909:
905:
900:
896:
875:
871:
858:
854:
844:
842:
838:
837:
833:
823:
821:
812:
811:
807:
794:
793:
789:
779:
777:
775:Financial Times
767:
763:
753:
751:
743:. 9 June 2018.
735:
734:
727:
717:
715:
707:
706:
699:
689:
687:
679:
678:
671:
661:
659:
657:Washington Post
651:
650:
643:
636:
622:
618:
613:
591:
553:
547:
544:
533:
517:
513:
506:
497:
450:Milton Friedman
432:
358:
352:
349:
341:
335:
330:
298:Joseph Stiglitz
286:
224:
219:
213:
142:current account
106:
36:current account
24:
17:
12:
11:
5:
2406:
2396:
2395:
2390:
2385:
2380:
2363:
2362:
2360:
2359:
2349:
2338:
2335:
2334:
2332:
2331:
2326:
2321:
2316:
2311:
2306:
2301:
2296:
2291:
2286:
2281:
2276:
2271:
2266:
2261:
2256:
2251:
2246:
2241:
2236:
2231:
2226:
2221:
2216:
2211:
2206:
2201:
2196:
2191:
2186:
2181:
2176:
2174:Aircraft parts
2171:
2165:
2163:
2157:
2156:
2153:
2152:
2150:
2149:
2144:
2139:
2134:
2128:
2126:
2122:
2121:
2119:
2118:
2113:
2107:
2105:
2101:
2100:
2098:
2097:
2092:
2087:
2081:
2079:
2075:
2074:
2072:
2071:
2066:
2061:
2055:
2053:
2049:
2048:
2046:
2045:
2040:
2035:
2030:
2024:
2022:
2015:
2009:
2008:
2006:
2005:
2000:
1986:
1981:
1960:
1958:
1952:
1951:
1949:
1948:
1943:
1938:
1933:
1928:
1923:
1918:
1913:
1908:
1903:
1898:
1897:
1896:
1886:
1881:
1876:
1870:
1868:
1863:
1860:
1859:
1857:
1856:
1854:Trading nation
1851:
1846:
1841:
1836:
1831:
1826:
1821:
1816:
1811:
1806:
1801:
1796:
1791:
1786:
1781:
1776:
1770:
1768:
1764:
1763:
1756:
1755:
1748:
1741:
1733:
1725:
1724:
1703:
1663:
1637:
1620:
1590:
1581:
1572:
1557:
1542:
1527:
1502:
1484:
1458:
1432:
1421:. 3 April 2010
1406:
1389:"Deregulation"
1380:
1365:
1355:
1346:|journal=
1320:10.3386/w25402
1301:
1294:
1266:
1244:
1229:
1194:
1179:
1157:
1134:
1112:
1101:. 26 July 2017
1090:
1064:
1038:
1012:
1001:. 24 July 2013
990:
968:
956:
949:
926:
903:
894:
869:
861:Ames, Glenn J.
852:
831:
805:
787:
761:
725:
697:
669:
641:
634:
615:
614:
612:
609:
608:
607:
602:
597:
590:
587:
584:
583:
580:
576:
575:
572:
567:
566:
563:
555:
554:
520:
518:
511:
505:
502:
496:
493:
488:Free to Choose
431:
428:
357:
354:
347:
339:Friedrich List
334:
331:
329:
326:
321:
320:
317:
314:
285:
282:
223:
220:
212:
209:
201:business cycle
197:
196:
193:
190:
187:
184:
181:
178:
105:
102:
15:
9:
6:
4:
3:
2:
2405:
2394:
2391:
2389:
2386:
2384:
2381:
2379:
2376:
2375:
2373:
2358:
2350:
2348:
2340:
2339:
2336:
2330:
2327:
2325:
2322:
2320:
2317:
2315:
2312:
2310:
2307:
2305:
2302:
2300:
2297:
2295:
2292:
2290:
2287:
2285:
2284:Photovoltaics
2282:
2280:
2277:
2275:
2272:
2270:
2267:
2265:
2262:
2260:
2257:
2255:
2252:
2250:
2247:
2245:
2242:
2240:
2237:
2235:
2232:
2230:
2227:
2225:
2222:
2220:
2217:
2215:
2212:
2210:
2207:
2205:
2202:
2200:
2197:
2195:
2192:
2190:
2187:
2185:
2182:
2180:
2177:
2175:
2172:
2170:
2167:
2166:
2164:
2162:
2158:
2148:
2145:
2143:
2140:
2138:
2135:
2133:
2130:
2129:
2127:
2123:
2117:
2114:
2112:
2109:
2108:
2106:
2102:
2096:
2093:
2091:
2088:
2086:
2083:
2082:
2080:
2076:
2070:
2067:
2065:
2062:
2060:
2057:
2056:
2054:
2050:
2044:
2041:
2039:
2036:
2034:
2031:
2029:
2026:
2025:
2023:
2019:
2016:
2014:
2010:
2004:
2001:
1998:
1994:
1990:
1989:Protectionism
1987:
1985:
1982:
1979:
1975:
1974:
1969:
1965:
1962:
1961:
1959:
1957:
1953:
1947:
1944:
1942:
1941:Trade barrier
1939:
1937:
1934:
1932:
1929:
1927:
1924:
1922:
1919:
1917:
1914:
1912:
1909:
1907:
1904:
1902:
1899:
1895:
1892:
1891:
1890:
1887:
1885:
1882:
1880:
1877:
1875:
1872:
1871:
1869:
1864:Organizations
1861:
1855:
1852:
1850:
1847:
1845:
1844:Trade justice
1842:
1840:
1837:
1835:
1832:
1830:
1827:
1825:
1822:
1820:
1819:Globalization
1817:
1815:
1812:
1810:
1807:
1805:
1802:
1800:
1797:
1795:
1792:
1790:
1787:
1785:
1782:
1780:
1777:
1775:
1772:
1771:
1769:
1765:
1761:
1754:
1749:
1747:
1742:
1740:
1735:
1734:
1731:
1713:
1707:
1699:
1693:
1678:
1674:
1667:
1652:. 11 May 2010
1651:
1647:
1641:
1633:
1632:
1624:
1608:
1604:
1600:
1594:
1585:
1576:
1568:
1561:
1553:
1546:
1538:
1531:
1516:
1512:
1506:
1498:
1494:
1488:
1473:
1469:
1462:
1447:
1443:
1436:
1420:
1416:
1410:
1394:
1390:
1384:
1376:
1369:
1359:
1351:
1338:
1330:
1326:
1321:
1316:
1312:
1305:
1297:
1291:
1287:
1283:
1279:
1278:
1270:
1255:
1248:
1240:
1233:
1216:
1211:
1210:
1205:
1198:
1190:
1183:
1168:. www.imf.org
1167:
1161:
1145:
1138:
1123:
1116:
1100:
1094:
1078:
1074:
1068:
1052:
1048:
1042:
1026:
1022:
1016:
1000:
994:
978:
972:
965:
960:
952:
946:
942:
935:
933:
931:
923:
920:
916:
913:
907:
898:
891:
888:, vol. II of
887:
883:
879:
873:
866:
862:
856:
841:
835:
819:
815:
809:
801:
797:
791:
776:
772:
765:
750:
746:
742:
738:
732:
730:
714:
710:
704:
702:
686:
682:
676:
674:
658:
654:
648:
646:
637:
631:
627:
620:
616:
606:
603:
601:
600:Dutch disease
598:
596:
593:
592:
581:
578:
577:
573:
569:
568:
564:
561:
560:
551:
542:is available.
541:
537:
531:
530:
526:
521:This section
519:
510:
509:
501:
492:
490:
489:
483:
481:
476:
472:
470:
464:
462:
458:
453:
451:
447:
446:
440:
437:
427:
425:
420:
416:
412:
407:
404:
399:
397:
396:
395:The Economist
391:
385:
383:
377:
375:
371:
367:
363:
346:
340:
325:
318:
315:
312:
311:
310:
308:
307:Carla Norrlöf
303:
299:
295:
291:
281:
277:
273:
271:
266:
264:
260:
251:
243:
239:
237:
233:
229:
218:
208:
204:
202:
194:
191:
188:
185:
182:
179:
176:
172:
171:
170:
167:
164:
160:
154:
150:
147:
143:
134:
126:
118:
110:
101:
99:
95:
91:
90:trade deficit
87:
83:
82:trade surplus
78:
76:
75:flow variable
72:
68:
64:
57:
53:
48:
41:
37:
34:
30:
26:
22:
2259:Live animals
2239:Gas turbines
2052:Asia-Pacific
1984:Mercantilism
1971:
1866:and policies
1783:
1715:. Retrieved
1706:
1680:. Retrieved
1676:
1666:
1654:. Retrieved
1650:Investopedia
1649:
1640:
1630:
1623:
1611:. Retrieved
1607:the original
1602:
1593:
1584:
1575:
1566:
1560:
1551:
1545:
1536:
1530:
1518:. Retrieved
1514:
1505:
1496:
1487:
1475:. Retrieved
1472:The Guardian
1471:
1461:
1449:. Retrieved
1445:
1435:
1423:. Retrieved
1419:Investopedia
1418:
1409:
1397:. Retrieved
1393:Investopedia
1392:
1383:
1374:
1368:
1358:
1337:cite journal
1304:
1276:
1269:
1257:. Retrieved
1247:
1232:
1220:. Retrieved
1215:the original
1207:
1197:
1182:
1170:. Retrieved
1160:
1148:. Retrieved
1137:
1125:. Retrieved
1115:
1103:. Retrieved
1093:
1081:. Retrieved
1076:
1067:
1055:. Retrieved
1051:Investopedia
1050:
1041:
1029:. Retrieved
1024:
1015:
1003:. Retrieved
993:
981:. Retrieved
971:
959:
940:
921:
906:
897:
889:
885:
880:; quoted in
872:
864:
855:
843:. Retrieved
834:
822:. Retrieved
817:
808:
799:
790:
778:. Retrieved
774:
764:
752:. Retrieved
740:
716:. Retrieved
712:
688:. Retrieved
684:
660:. Retrieved
656:
625:
619:
545:
540:Editing help
522:
498:
486:
484:
477:
473:
468:
465:
454:
443:
441:
433:
410:
408:
400:
393:
386:
381:
378:
359:
343:
322:
302:Ben Bernanke
287:
278:
274:
267:
258:
256:
228:mercantilism
225:
205:
198:
174:
168:
155:
151:
139:
96:As of 2016,
93:
89:
85:
81:
79:
62:
61:
51:
25:
2264:Natural gas
2229:Electronics
2224:Electricity
1834:Outsourcing
1767:Terminology
1677:www.bea.gov
943:. Penguin.
892:, 1979:204.
104:Explanation
2372:Categories
2304:Telephones
1968:Adam Smith
1964:Free trade
1946:Trade bloc
1921:ATA Carnet
1809:Fair trade
882:José Rizal
718:27 October
690:17 October
635:0130630853
611:References
548:April 2016
480:David Hume
461:monetarism
419:monetarist
337:See also:
263:Thomas Mun
236:bullionism
232:cash crops
215:See also:
52:per capita
33:Cumulative
2199:Computers
2184:Car parts
2179:Aluminium
1916:Incoterms
1849:Trade war
1451:21 August
1329:198728925
824:15 August
780:15 August
749:0362-4331
175:vis-à-vis
2347:Category
2319:Vehicles
2309:Textiles
2254:Iron ore
2219:Diamonds
2043:Mercosur
2021:Americas
1717:15 March
1692:cite web
1682:15 March
1656:15 March
1613:15 March
1520:15 March
1493:"Inicio"
1477:15 March
1425:15 March
1399:15 March
1259:15 March
1222:15 March
1172:15 March
1150:12 March
1127:15 March
1105:15 March
1083:15 March
1057:15 March
1031:15 March
1005:15 March
983:15 March
915:Archived
863:(1996),
845:15 March
662:12 March
589:See also
348:—
211:Examples
2357:Commons
2234:Engines
1997:Autarky
1077:Reuters
1025:Reuters
800:NPR.org
754:10 June
71:imports
67:exports
2314:Trucks
2274:Petrol
2214:Cotton
2204:Copper
2194:Coffee
1839:Tariff
1327:
1292:
947:
747:
632:
523:is in
159:credit
2324:Wheat
2294:Steel
2289:Ships
1363:1922)
1325:S2CID
529:prose
163:debit
2329:Wine
2244:Gold
2209:Corn
2189:Coal
1719:2018
1698:link
1684:2018
1658:2018
1615:2018
1522:2018
1479:2018
1453:2019
1427:2018
1401:2018
1350:help
1290:ISBN
1261:2018
1224:2018
1174:2018
1152:2017
1129:2018
1107:2018
1085:2018
1059:2018
1033:2018
1007:2018
985:2018
945:ISBN
847:2018
826:2023
782:2023
756:2018
745:ISSN
720:2017
692:2017
664:2017
630:ISBN
525:list
69:and
58:data
42:data
2269:Oil
1315:doi
1282:doi
442:By
290:IMF
161:or
92:or
84:or
2374::
1995:,
1976:,
1970:,
1694:}}
1690:{{
1675:.
1648:.
1601:.
1513:.
1495:.
1470:.
1444:.
1417:.
1391:.
1341::
1339:}}
1335:{{
1323:.
1288:.
1206:.
1075:.
1049:.
1023:.
929:^
884:,
816:.
798:.
773:.
739:.
728:^
711:.
700:^
683:.
672:^
655:.
644:^
452:.
1999:)
1991:(
1980:)
1966:(
1752:e
1745:t
1738:v
1721:.
1700:)
1686:.
1660:.
1634:.
1617:.
1524:.
1499:.
1481:.
1455:.
1429:.
1403:.
1352:)
1348:(
1331:.
1317::
1298:.
1284::
1263:.
1241:.
1226:.
1176:.
1154:.
1131:.
1109:.
1087:.
1061:.
1035:.
1009:.
987:.
953:.
849:.
828:.
802:.
784:.
758:.
722:.
694:.
666:.
638:.
550:)
546:(
532:.
23:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
.png)
_and_Trade_Policies.png)
.png)
.png)
