JOHN STUART MILL’S THEORY OF INTERNATIONAL TRADE Cover Image

Teoria handlu międzynarodowego Johna Stuarta Milla
JOHN STUART MILL’S THEORY OF INTERNATIONAL TRADE

Author(s): Łukasz Gołota
Subject(s): Politics / Political Sciences, Politics, Political Theory, Political Sciences, International relations/trade
Published by: Wydawnictwo Naukowe Scholar Sp. z o.o.
Keywords: John Stuart Mill; international trade; liberalism; principle of compensation; infant industry; theory of reciprocal demand; terms of trade

Summary/Abstract: The purpose of the article is to present the achievements of John Stuart Mill in termsof the theory of international trade exchange. Mill was an economist, philosopherand great polymath whose work closed the traditions of the classical school andled it into the neoclassical era in the history of economy. His thought was rootedin the liberal and utilitarian theories of British classics, but it stands out as a resultof confronting the abstract, model approach with observations of the effects ofpractical application. This methodological approach allowed Mill to achieve veryinteresting results, which provided valuable contribution to and further developedthe theory of international trade. The paper has been written primarily on the basisof an analysis of direct sources and is an attempt to present Mill’s most interestingoriginal thoughts regarding this subject. The subjects of the article are, in this order:the epistemological perception and principles of international trade exchange; thetheory of reciprocal demand – as a continuation and elaboration of the theory byAdam Smith and David Ricardo; the theory of protection of infant industries – anoriginal correction of the key principles of the classical school regarding free trade;the principle of compensation in theoretical and practical terms.

  • Issue Year: 52/2016
  • Issue No: 2
  • Page Range: 105-122
  • Page Count: 17
  • Language: Polish