On the contrary, views derived from the more generalized classic theory of growth and stagnation, might argue in favour the 'absolute advantage' theory explained by Adam Smith in his publication "The Wealth of Nations." Smith highlights the advantages of free trade in the sense that resources can be distributed efficiently: "whether the advantages which one country has over another, be natural or acquired, is in this respect of no consequence. ... Adam Smith later rationalizes that "If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better bu...

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• Grade Level: Graduate