Paul R. Lawrence [Archive.org URL]

The classic trading system of exchange is identified with David Ricardo, the early nineteenth-century economist who first analytically clarified it.

As practiced today, Ricardo’s classic system results in win-win exchanges when both trading partners are either (1) industrialized nations with modern impulse/check/balance governments, no excessive unemployment, and reasonably effective control of corporate abuses or (2) less-developed nations roughly equal in power and with some control of corporate abuses. Unfortunately, much of today’s international trade does not meet these conditions.

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