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Free Trade Theory

Part 1: Introduction

  • Definition of free trade theory
  • Contributions of free trade theory to the modern economy (Spiegel, 1991).
  • The paper offers an overview on key economists, their roles, philosophical contributions and famous economic theories.
  • Thesis: Economic theories formulated by distinct contributors have brought about the modern transformations and structure of various economic sectors.


Major economists

Adam Smith

  • Coherent and logical theory on economy functioning
  • Philosophical works as the father of economists
  • Perspective on free trade theory
  • The Theory of Moral Sentiments
  • Roles as an economist

Jhon Maynard Keynes

  • Brief overview on early life and rise as an economist
  • Role in Keynesian ascendancy 1939–79
  • Perspective on free trade theory
  • Views on race, inflation and trade imbalances

Milton Friedman

  • Major contributions on free trade theory
  • Perspective on exchange rates
  • His view on federal reserve and monetary policy

Karl Max

  • Major contributions
  • Labor, class struggle and false consciousness in regard to economy
  • Economy, history and society
  • Philosophical works


Famous Economic Theories

Supply and Demand

  • Key principles central to an economy
  • Major perspectives and economic inclination (Ebenstein and Ebenstein, 2015).
  • Relationship between supply and Demand
  • The law of demand and supply


  • Wages remaining at subsistence level
  • Concept of surplus value
  • Concepts of economic growth, technological progress and capital accumulation

Market Socialism

  • Definition and major contributors in this theory
  • Major views and perspective on economy structure

Comparative Advantage

  • Definition of comparative advantage theory
  • Haberler’s opportunity costs formulation
  • Major criticism associated with the theory

Part III: Conclusion

Reinstatement of the thesis

General overview on the current status in the modern society


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Free Trade Theory . (2022, September 05). Essay Writing . Retrieved February 22, 2024, from https://www.essay-writing.com/samples/free-trade-theory/
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Free Trade Theory . [online]. Available at: <https://www.essay-writing.com/samples/free-trade-theory/> [Accessed 22 Feb. 2024].
Free Trade Theory [Internet]. Essay Writing . 2022 Sep 05 [cited 2024 Feb 22]. Available from: https://www.essay-writing.com/samples/free-trade-theory/
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