Description

INTRODUCTION

1.1 The Perspective

The decade of the 1970s was an important decade for all those who

care to concern themselves with the literature on international trade. It was

during this decade that trade theorists first realized the true significance of

a new type of international commodity transaction (discovered 'accidentally*

during the previous decade) in redefining the causes of international trade.

It also marked the beginning of a new methodological endeavor to analyze

and model international trade in industrial products. The endeavor, in

the course of time, allowed trade theorists to take a refreshingly new look on a

wide range of issues both within and beyond the limits defined by the

theories that preceded it