Theoretical foundations of international trade development

Анотація

Introduction. The development of global trade is based on the benefits it brings to the participating countries. International trade theory provides an understanding of what forms the basis of this gain from foreign trade and what determines the directions of foreign trade flows. International trade is a tool through which countries, by developing their specialization, can increase the productivity of available resources and thereby increase the volume of goods and services they produce, as well as raise the standard of living of the population. Trade, including international trade, has traditionally been viewed as a source of wealth, i.e., an increase in welfare, both for the individual and the country as a whole. Therefore, it is not surprising that the key question in assessing international trade and foreign trade policy is how they impact the level of public welfare, which is defined by the amount of goods and services available for consumption. Method (Methodology). The following methods were used during the study:  The historical method: for analyzing the evolution of international trade research in global economic thought;  Qualitative analysis and synthesis: to systematize the components of theoretical research on international trade, taking into account their suitability for explaining the mechanisms for choosing its optimal structure in countries with different types of economies;  The abstract-logical method: for theoretical generalization and drawing conclusions. Results. It has been proven that, from a chronological perspective, each stage of a country's national economic development is associated with its own foreign trade hypothesis. This can be confirmed by comparing the commodity structure of a country's exports and imports at a specific stage and tracking its changes over various periods. The impact of foreign trade on prices and output, along with the move towards trade liberalization, leads to increasing price convergence among trading countries. The production structure will continue to change, and the volume of foreign trade will expand until price differences disappear. Changes in output structure imply changes in the demand for production factors.

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