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In this book Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. Trade today is dominated by manufactured goods, rapidly moving technology, and huge firms that benefit from economies of scale. This is very different from the largely agricultural world in which the classical theories originated. Gomory and Baumol show that the new and significant conflicts resulting from international trade are inherent in modern economies.Today improvement in one country's productive capabilities is often attainable only at the expense of another country's general welfare. The authors describe why and when this is so and why, in a modern free-trade environment, a country might have a vital stake in the competitive strength of its industries.

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Book Details

ISBN: 9780262072090
ISBN-10: 0262072092
Format: Hardback
(231mm x 155mm x 20mm)
Pages: 215
Imprint: MIT Press
Publisher: MIT Press Ltd
Publish Date: 2-Mar-2001
Country of Publication: United States

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Author Biography - R.E. Gomory

William J. Baumol is Professor of Economics at New York University and Director of the university's C. V. Starr Center for Applied Economics.