The New Trade Theory Began to Emerge in the 1970s

question 78

True/False

The new trade theory began to emerge in the 1970s when a number of economists pointed out that the ability of firms to attain economies of scale might have important implications for international trade.

---

Definitions:

Nineteenth Century

A century characterized by the rapid industrialization in Europe and America, significant social and political change, and the expansion of European empires globally.

Japan

An island country in East Asia, known for its rich culture, technological advancements, and significant historical influence.

U.S. Trade

Refers to the importing and exporting activities and policies of the United States with foreign countries.

Fugitive Slave Act

1850 law that gave the federal government authority in cases involving runaway slaves; aroused considerable opposition in the North.