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International trade involves the exchange of goods and services between countries, offering advantages such as optimal resource use, access to a variety of goods, and specialization. However, it also presents disadvantages, including potential harm to domestic industries and reliance of underdeveloped nations on developed ones. The document discusses various theories of international trade, trade policies like free trade and protectionism, trade barriers, and the balance of payments, highlighting their impl

Author

Gauri S

Language

EN