Publications

Policy Note 2000/1 | January 2000

Explaining the US Trade Deficit

Conventional theory makes the curious assumption that, in international trade, movements in the real exchange rate negate cost differences so as to make all countries equally competitive. But quite the contrary, it is absolute cost advantages that determine competition between countries, just as they determine the relative price of two sets of goods within one country.

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Author(s):
Anwar M. Shaikh

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