Capital Mobility in a Tariff-Ridden International Economy
研究发现，在满足要素价格均等化定理的国际经济中，当自由贸易被关税阻碍时，资本流动性可以替代贸易，维持国际经济的效率不变。
has shown that in an international economy satisfying the conditions of the factor price equalization theorem, the same equilibrium which is sustained by both factor mobility and free trade can be sustained by either free trade alone or mobility of the one factor capital alone. Thus it would seem to follow that if free trade is impeded by tariffs, capital mobility will replace trade (p. 325) and maintain undiminished the efficiency of the international economy. This result is noteworthy because it indicates a remarkable resilience in the international economy.