trade theory

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Name: Instructor: Course: Date: Trade theory People have developed the economic theories from several years ago. The theories of international trading systems are new. The new generation is advancing in better economic systems, but the essential parts are existent in the same ways. Trade is a basic concept of exports and imports or rather selling and purchasing. The exports and imports between two countries are bilateral and between countries are multilateral. Trade connects to more than one nation. The economy is my favorite subject to study. International trade has three basic theories. Mercantilism, Comparative Advantage, and Product Life Cycle are considered the highest equivalent of global trading strategies and have the most effective ways for international trading, (Negishi, 61). Many trading theories had been swept away by modern economic development. However, some of these theories still exist. Mercantilism Theory was widely practiced between the 1600s and the 1700s. Jean Baptiste Colbert had discovered “the wealth of the world measured in gold and silver.” This is the oldest theory of international trading strategies, but it is still in practice. According to the Mercantilism Theory, nations have to represent their wealth in units of gold and silver for evaluation. Nations can now print their currencies with the amount depending on the represent units of the gold exhibition. This theory is matched to the world's banking systems previously known as "The Bretton Woods Systems." Nations have their currency which they can only use within their nations. The currencies still require foreign

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