when did the us last have a trade surplus
United States Balance of trade The US last had a trade surplus in 1975.[17] However, recessions may cause short-run anomalies to rising trade deficits.
Economic nationalism While the coining of the term "
Paris Peace Accords
Economics Theory and observation set out the conditions such that market prices of outputs and productive inputs select an allocation of factor inputs by comparative advantage, so that (relatively) low-cost inputs go to producing low-cost outputs. In the process, aggregate output may increase as a by-product or by design.[37] Such specialization of production creates opportunities for gains from trade whereby resource owners benefit from trade in the sale of one type of output for other, more highly valued goods. A measure of gains from trade is the increased income levels that trade may facilitate.[38]