Question:
Among the following theories of international trade, which one is the oldest?
Among the following theories of international trade, which one is the oldest?
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Mercantilism focused on accumulation of gold and trade surplus, predating classical trade theories.
Updated On: Feb 18, 2026
- Theory of Absolute Advantage
- Mercantilist Doctrine
- Factor Proportions Theory
- Theory of Comparative Advantage
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The Correct Option is B
Solution and Explanation
Step 1: Recall historical order.
- Mercantilist Doctrine (16th–18th century) → oldest trade theory
- Absolute Advantage → Adam Smith, 1776
- Comparative Advantage → David Ricardo, 1817
- Factor Proportions → Heckscher-Ohlin, 20th century
- Mercantilist Doctrine (16th–18th century) → oldest trade theory
- Absolute Advantage → Adam Smith, 1776
- Comparative Advantage → David Ricardo, 1817
- Factor Proportions → Heckscher-Ohlin, 20th century
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