DiscoverAn Essay on Economic Theory3.1. Foreign Trade
3.1. Foreign Trade

3.1. Foreign Trade

Update: 2014-12-01
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Here the circular-flow economy is extended to international trade. Instead of barter or exchange with money, Cantillon explains how international trade takes place on the basis of bills of exchange. He showsthat a state which accumulates money will enjoy a temporary gain in international trade, but that states where manufacturing industries develop will enjoy a higher standard of living. The only clear exception Cantillon makes to free trade is his famous endorsement of the English Navigation Acts, where domestic shipping is protected, not in its own right, but to provide ships and sailors during wartime.

From Part 3: International Trade and Business Cycles. Narrated by Millian Quinteros.

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In Channel
3.8. The Refinements of Credit of General Banks

3.8. The Refinements of Credit of General Banks

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3.7. Further Explanations and Enquiries as to the Utility of a National Bank

3.7. Further Explanations and Enquiries as to the Utility of a National Bank

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3.6. Banks and their Credit

3.6. Banks and their Credit

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3.5. The Augmentation and Diminution of the Denomination of Money

3.5. The Augmentation and Diminution of the Denomination of Money

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3.4. The Variations in the Proportion of Values with Regard to the Metals Used as Money

3.4. The Variations in the Proportion of Values with Regard to the Metals Used as Money

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3.3. Further Explanations on the Nature of Exchanges

3.3. Further Explanations on the Nature of Exchanges

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3.2. On Bills of Exchanges and their Nature

3.2. On Bills of Exchanges and their Nature

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3.1. Foreign Trade

3.1. Foreign Trade

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2.10. The Causes of Increases and Decreases of the Interest Rate on Money in a State

2.10. The Causes of Increases and Decreases of the Interest Rate on Money in a State

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2.9. Interest on Money and its Causes

2.9. Interest on Money and its Causes

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2.8. Further Reflections on the Increase and Decrease of Money in a State

2.8. Further Reflections on the Increase and Decrease of Money in a State

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2.7. Continuation of the same subject

2.7. Continuation of the same subject

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2.6. The Increase and Decrease of the Quantity of Money in a State

2.6. The Increase and Decrease of the Quantity of Money in a State

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2.5. The inequality of the circulation of hard money in a State

2.5. The inequality of the circulation of hard money in a State

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2.4. Further Reflection on the Rapidity or Slowness of the Circulation of Money in Exchange

2.4. Further Reflection on the Rapidity or Slowness of the Circulation of Money in Exchange

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2.3. The Circulation of Money

2.3. The Circulation of Money

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2.2. Market Prices

2.2. Market Prices

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2.1. Barter

2.1. Barter

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1.17. Metals and Money, and especially of Gold and Silver

1.17. Metals and Money, and especially of Gold and Silver

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1.16. The more Labor there is in a State, the more the State is Judged Naturally Rich

1.16. The more Labor there is in a State, the more the State is Judged Naturally Rich

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3.1. Foreign Trade

3.1. Foreign Trade

Richard Cantillon