Law Commons^™

Why Ricardo's Theory Of Comparative Advantage Regarding Foreign Trade Doesn't Work In Today's Global Economy, Charles W. Murdock

Faculty Publications & Other Works

The theoretical basis for international trade is Ricardo’s theory of comparative advantage. Paul Samuelson, one of the leading lights in the economics profession in the 20th century, referred to it as one of the most beautiful ideas in economics. Yet, no one seems to have considered its validity in the context of the current global trade environment.

What free-trade advocates have not done is to look at the bases underlying Ricardo’s theory, namely, that capital is loyal to the country of origin and that the value of currencies is responsive to imbalances in trade. This article demonstrates that capital is …

The Digital Challenge To International Trade Law, Wentong Zheng

UF Law Faculty Publications

The rise of the Internet and so-called digital trade has significantly transformed international trade. International trade law, however, has lagged behind in regulating the phenomenon. Decades-long negotiations at the World Trade Organization (WTO) over digital trade have largely stalled, while efforts to deal with the issue at the bilateral and regional levels have resulted in inconsistent and fragmented rules. This article discusses the challenges posed by digital trade to international trade law and the best ways to meet those challenges. It contributes to the discourse on digital trade by advocating for a back-to-basics approach. It argues that instead of undertaking …

Misaligned Lawmaking, Timothy Meyer

Faculty Scholarship

This Article makes three contributions. First, it introduces the Misalignment Thesis in the context of U.S. trade policy. The Misalignment Thesis is a descriptive claim about how the structure of a legislative bargain influences the long-term stability and effectiveness of that bargain. Second, the Article introduces the normative corollary to the Misalignment Thesis: if political stability hinges on respecting the legislative bargain, interdependent policies should be subject to renegotiation on the same timeline and implementation on the same terms. In light of this prescription, I offer three concrete proposals for aligning trade liberalization and trade adjustment assistance in order to …