According to the book “Introduction to political economy”, written by Balaam and Dilman, international trade occurs when goods and services cross national boundaries in exchange for money or the goods and services of another nation (2014). Furthermore, there are three perspectives on international trade, which are mercantilists, economic liberals, and structuralists views. The ideology of economic liberalism or trade liberalization suggests that the world was supposedly becoming a global workshop where everyone could benefit from trade, was better off when the role of the state in the economy was guided by the “invisible hand” of the market and role of the state is minimized (Balaam & Dillman,
According to the book “Introduction to political economy”, written by Balaam and Dilman, international trade occurs when goods and services cross national boundaries in exchange for money or the goods and services of another nation (2014). Furthermore, there are three perspectives on international trade, which are mercantilists, economic liberals, and structuralists views. The ideology of economic liberalism or trade liberalization suggests that the world was supposedly becoming a global workshop where everyone could benefit from trade, was better off when the role of the state in the economy was guided by the “invisible hand” of the market and role of the state is minimized (Balaam & Dillman,