The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Foreign Trade

  • Ian Steedman
Reference work entry


The pure theory of trade constitutes, in principle, no more than an application of the general theory of value, distribution and resource allocation. It follows at once, of course, both that each possible approach to general economic theory has its corresponding theory of trade and that any changes or developments in general theory must have implications for the theory of international trade. In particular, this is true of certain debates over value, distribution and capital goods which flourished in the 1960s, following the publication of Piero Sraffa’s Production of Commodities by Means of Commodities (1960).

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Ian Steedman
    • 1
  1. 1.