Classical Theories
Who introduced absolute advantage?
Adam Smith (1776)
H-O model focus?
Relative Factor Endowments
Tax based on value?
Ad Valorem Tariff
Winners from tariffs?
Domestic National Producers
Government export payments?
Direct Export Subsidies
Beneficial trade without absolute advantage?
Comparative Advantage Theory
Exporting abundant factors?
Heckscher-Ohlin Theorem
Quantitative limit on imports?
Import Quotas
Consumer welfare impact?
Net Consumer Loss
Revenue-based export tax?
Export Duties
Lowest relative opportunity cost?
Comparative Advantage
Michael Porter's theory?
Competitive Advantage Theory
Negotiated export restriction?
Voluntary Export Restraints
Pure welfare efficiency loss?
Deadweight Loss
Protecting nascent industries?
Infant Industry Argument
Ricardo's key measurement?
Opportunity Cost
Equalization of factor prices?
Factor-Price Equalization
Selling below cost?
Market Dumping
Tariff production distortion?
Production Distortion Loss
Neutralizes foreign subsidies?
Countervailing Duties
Ricardo's savings unit?
Labor Production Hours
Specific abundant resource?
Land-intensive Goods
Barrier avoiding WTO scrutiny?
Voluntary Export Restraint
Revenue location for VERs?
Accrues To Foreigners
Protectionism's "Concentrated" winners?
Producers and Workers