International Trade

This article by Harry G. Johnson, Lionel W. McKenzie, M.C. Kemp, Michael Michaely discusses the different aspects of the economic relationships between nations and trade relations between nations. This article discusses how nations consider general value theory and monetary theory when dealing with international trade. This article discusses the “Pure” theory of international trade which deals with international values of nations and the “monetary” theory which deals with balancing payments and making monetary adjustments between nations. This is a very helpful article for students who are learning about globalization, more specifically, trade between countries and how money value changes in different countries, which is important for understanding how countries work to trade with one another and help one another’s economies to grow.

This article can be found at: http://www.encyclopedia.com/topic/International_Trade.aspx

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