Mercantilism and Comparative Advantage

| April 8, 2014

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Discussion Questions
We learned from chapter two about the different international trade theories including mercantilism and comparative advantage. The purpose of this assignment is to further understand how these two theories developed during the 19th century and shaped the way countries did trade at that time. From the textbook “A Splendid Exchange” read Chapter 11 and answer the following questions. A minimum of 1000 words is required.
Part One: (pages 280-300)
1. In general terms, how were the concepts of mercantilism and protectionism illustrated in this narrative in the early 19th century?,
2. Why does the author label Adam Smith’s new science as the fight between monopolies against free traders?,
3. Discuss imprudence between the East and the West committed as a result of not knowing each other’s culture. How were merchants perceived in china as opposed to England?,
4. What was the canton system? What role did it play in the relationship between the east and the west? between the EIC and private traders?,
5. Describe England’s balance of trade (surplus/deficit) with China before and after 1806.,
6. Describe the triangular trade which developed between England, India and China.,
7. Why were private traders and later on smugglers allowed to trade in China despite EIC’s hegemony?,
8. Why were Jardines and Matheson as well as the Manchester factory owners in support of open international markets or the doctrines espoused by Adam Smith,
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