However like every theory this connection between trade and economic growth and between trade and poverty might be empirically verified. If such a relation holds true then it will automatically provide a ground for the stagnant economies and the developing nations to remove trade barriers and introduce incentives to facilitate the same. Even the developed countries pursue protectionist policies on products related to agriculture, textiles and steel, which are, imported from the less developed nations. Initially the international organizations were pressuring the developing nations to liberalize their economies on the basis of structural adjustment loans. Currently their policies are changing as their attention shifts more towards the developed nations with respect to the removal of trade barriers in nations like Canada, EU and Japan. (Spanu, May 2003, p.1) The basis of all these lie in the theory of trade as an engine of growth and as a step towards reduction of poverty. Most of the literatures studied are in the context of developing or emerging economies. It will be interesting to study the impact of trade in the context of a developed nation like USA, which has recently undergone a vulnerable state of its economy. Hence it is important to empirically verify this theory through the study.
Next the theory of trade as an engine of growth might be considered at the background of our research as already mentioned before. According to Adam Smith, David Ricardo and their followers, the secret of England’s wealth lay in trade related activities carried out by the ancient sailors. Without the occurrence of trade, the economy would have remained a closed one with poor living standards, which could gradually lead to the downfall of the economy. According to Smith, “trade extended the size of the market, promoted specialization and generated prosperity through its gains.” (Mehmet, 44) In ...
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