I.R Essay Example | Topics and Well Written Essays - 500 words - 1

I.R - Essay ExampleThis is clear in the theory of comparative advantage attributed to David Ricardo as well as in the standard theory of international business deal that are both discussed in many of the undergraduate and graduate books of economics. One of the books discussing the two topics, for example, is that one by Krugman and Obstfeld (2003). A constitution of avocation liberalization adopted by policy makers through the political process commit a soil to an economic environment that requires the conversion of tariffs to quota as well as the reduction of tariffs which are the standard policy prescriptions under the World Trade Organization (WTO). On the other hand, a policy of autarky emphasizes on the policy of self-reliance wherein nations produce all what they need. In contrast, the policy of trade liberalization emphasizes on interdependency among nations wherein self-reliance is achieved through domestic production as well as trade with other nations. In other words, the foregoing emphasizes that policy regimes that are adopted through the political process determine trade policy and, consequently, policy regimes or politics determine peoples access to higher eudaemonia levels. Second, the discipline of economics recognizes that there is a definite and solid political economy dimension in the adoption of protectionism rather than trade liberalization. For example, this is clear in Salvatore (2001, p. 293-298).