In many societies the domestic social costs of adjustment to changing patterns of comparative advantage are believed to outweigh the advantages of further trade liberalization.

A prolonged and massive increase in aggregate wealth per capita has taken place over several centuries.

In the abstract world of American economists, equations run both ways; they believe that by changing the sign of a variable from plus to minus or from minus to plus or the price and quantity of x or y, the direction of historical movement can be reversed.

Trade is the oldest and most important economic nexus among nations. Indeed, trade along with war ha been central to the evolution of international relations.

Liberal economists conceive of societies as black boxes connected by exchange rates; as long as exchange rates are correct, what goes on inside the black box is regarded as not very important.

The multinational corporation and international production reflect a world in which capital and technology have become increasingly mobile, while labor has remained relatively immobile.

Specialization makes the welfare of the society vulnerable to the market and to political forces beyond national control.