According to Schumpeter,1 the construction of scientific economics was started in the late eighteenth century on two different foundations made in earlier periods. The first one is the ancient and medieval economic thought of philosophers, while the second one is popular arguments of current practical economic problems in the sixteenth to eighteenth centuries (Schumpeter , pp. 9–10). The medieval theories of just price and usuary can be considered as representative examples of the former. The latter is, of course, related to what is now called mercantilism. Since it deeply concerned with problems of international trade, our explanation of the development of the theory of international trade is also to start with the consideration of mercantilism.
KeywordsInternational Trade Late Eighteenth Century Aggregate Supply Trade Surplus Effective Demand
Unable to display preview. Download preview PDF.
- Blaug, M., 1985, Economic Theory in Retrospect, Cambridge: Cambridge University Press.Google Scholar
- Heckscher, E. F., 1955, Mercantilism, 2, E. F. Söderlund, ed., London: George Allen and Unwin.Google Scholar
- Hutchison, T. W, 1978, On Revolutions and Progress in Economic Knowledge, Cambridge: Cambridge University Press.Google Scholar
- Keynes, J. M., 1936, The General Theory of Employment, Interest and Money, London: Mcmillan.Google Scholar
- Kobayashi, N., 1976, Keizaigakushi Chosakushu (Collected works on the history of economics), 1, Tokyo: Miraisha.Google Scholar
- McCulloch, J. R., ed., 1954, Early English Tracts on Commerce, Cambridge: Cambridge University Press.Google Scholar
- Marx, K., 1954, Capital, I, Moscow: Progress Publishers.Google Scholar
- Marx, K., 1963, Theories of Surplus value, I, Moscow: Foreign Language Publishing House.Google Scholar
- Schumpeter, J. A., 1954, Economic Doctrines and Method, R. Aris, tr., London: George Allen and Unwin.Google Scholar
- Smith, A., 1976, An Inquiry into the Nature and Causes of the Wealth of Nations, Oxford: Oxford University Press.Google Scholar