Retrieving "Free Trade Policy" from the archives

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1. Classical Economics

   Linked via "free trade policies"

   The theory of Comparative Advantage, developed by David Ricardo, demonstrated that even if one nation held an absolute advantage in producing all goods (Absolute Advantage), mutually beneficial trade could still occur if each nation specialized in producing the good where its opportunity cost of production was lower relative to the other nation.
   For example, if Nation A can produce 10 units of Wine or 5 units of Cloth, and Nation B …