Free Trade and specialisation Ricardo's Comparative Advantage Took case Mercantilists argued would mean rival( Portugal) would"defeat"England in open trade Portugal assumed better than England at producing everything Argued that England would still benefit from free trade The ModelFree Trade and Specialisation • Ricardo’s “Comparative Advantage” – Took case Mercantilists argued would mean rival (Portugal) would “defeat” England in open trade • Portugal assumed better than England at producing everything • Argued that England would still benefit from free trade – The Model: