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“Mark Blyth of Brown University explains international trade.” 

Source: vimeo.com

To understand international trade, you need to understand how the factors of production vary from place to place, resulting in different locations having a comparative advantage on a global market.  This video nicely explains that with the example of Scotland’s comparative advantage raising sheep with southern Europe’s comparative advantage in producing wine.   Does the size of a country matter in trade?  You betcha.

 

Tags: regions, economic, diffusion, industry

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