Strategic Trade Policy

Abstract

International trade policy is one of the oldest subject areas in economics, having generated serious academic debate at least as far back as the classical period of ancient Greece, well over two thousand years ago. A very informative description of classical Greek and Roman thought on international trade and trade policy is provided by Irwin (1996, ch. 1). Interestingly, for example, both Plato and Aristotle were at best ambivalent about the virtues of open trade. Our modern understanding of international trade policy is based largely on the principle of comparative advantage as developed by David Ricardo (1807) and has been the focus of much political as well as academic debate in the two centuries since Ricardo.

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