Summary: <br> <br> <br> A discussion of the notion of trade and exchange, including <br> the purpose of these activities, the gains from trade, and the role of <br> comparative advantage. I also examine some recent trends in global trade, and <br> briefly discuss some of the major global trade institutions such as the WTO and <br> World Bank and their role in attempting to reduce trade barriers. The episode <br> concludes with a brief discussion of the concept of 'Buy Local'. Recommended <br> pre-listening is Episode 12: The Price System. <br> <br> <br>
