During the 1990s, literature on the international political economy was dominated by the idea of globalization. ... Liberals argue that trade benefits everyone because it helps people concentrate on what they are best at (the formal version of this argument is the theory of ˜comparative advantage'). ... Globalization has helped to reduce transport and transaction costs so the potential gains from specialization are increased. ...

• Word Count: 7309
• Approx Pages: 29
• Grade Level: Graduate