Will the service trade benefit or hurt rich countries

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Reference no: EM133480523

ON CULTURE: Mercantilism involved a relatively significant amount of government control over both domestic and international activity, whereas Smith's concept of absolute advantage focused on relative economic freedom and minimal government controls over domestic and international economic activity. Do you think that the values prevalent in American culture today are more in line with those of the mercantilists or those of Smith? If there is some combination of Smith and mercantilism, which tends to be dominant?

Question 1: The rules of the game for international trading can be quite complex, so why do nations routinely engage in this activity?

Question 2: Name and describe the two key components of a balance of trade.

Question 3: Compare and contrast the six theories of international trade.

Question 4: Will the service trade benefit or hurt rich countries?

Reference no: EM133480523

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