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How important are comparative advantage and absolute gainsto Liberal approaches to IPE?
Member rating: No Rating | Words: | Submitted: Mon Dec 22 2003
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How important are comparative advantage and absolute gains to Liberal approaches to IPE? Introduction Since the ideas of comparative advantage and absolute gains were adapted to Liberal approaches, these two notions turned out to be the central focus of all Liberal approaches, including not only classical liberalism but also neoliberalism and neoliberal institutionism. The concept of absolute gains or absolute advantage was supported by the Scottish political economist Adam Smith (1723-1790) in his brilliant masterpiece of 1776, An Inquiry in to the Nature and Causes of the Wealth of Nations (Moon 2000:33). In addition, the concept of comparative advantage was a focal point for classical theorists, especially David Ricardo (Jones 1988: 34). In this essay, the first section will clarify and map the issue, and will consist of a sketch of the ideas and the key characteristics of absolute gain comparative advantage and Liberalism. After that, the importance of comparative advantage and...
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