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'). ... Comparative advantage (a state's most efficient production) varies from state to state (for example, Argentina may be better at beef farming than textiles). ... The internationalization of economic activity in Europe first took off in the fifteenth and sixteenth centuries, wit...

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