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| Political/economic ideology that sees mutual advantage in international economic activity stemming from the theory of comparative advantage |
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| View that sees international economic activity as another arena for competition as states compete to increase power relative to one another. |
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| "A key principle in classical international trade theory which states that all states will benefit if each specializes in those goods it produces comparatively cheaply and acquires, through trade, goods that it can only produce at a comparatively higher cost." (Kegley & Wittkopf) |
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| "A precept stating that a nation's exporters should be given the same access to foreign markets as foreign producers enjoy in that nation." (Kegley & Wittkopf) [Government intervention to "level the playing field."] |
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| [All trade is subject to government control --- pure economic nationalism.] |
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| [The exchange of labor, capital, goods, and services unfettered by political boundaries or government intervention --- pure economic liberalism.] |
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| "Let things proceed without interference." (Sloan & Zurcher) [Let the people decide.] |
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| LILEO (International Economic Order) |
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| Post-World War II regime governing international economic activity, "in which barriers to the free flow of trade and capital have been progressively reduced." (Kegley & Wittkopf) |
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| [Temporary government intervention in trade relations to alleviate or avoid significant disruptions stemming from economic activity.] |
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| View that "in order to increase national wealth and prestige, a state should favor manufacture over agriculture . . . and secure favorable foreign trade balance . . . collecting the difference in the form of precious metals from debtor countries." (Sloan & Zurcher) |
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| Policy whereby a state seeks to maintain "a balance of trade surplus [and promote domestic production and employment] by reducing imports, stimulating domestic production, and promoting exports." (Kegley & Wittkopf) |
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| [Advocacy of trade barriers to protect domestic economic interests (e.g., domestic industries, or domestic labor).] |
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| "A form of industrial policy that seeks to create comparative advantage in international trade by targeting government subsidies toward particular industries." (Kegley & Wittkopf) |
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