Problem
Briefly explain the Factor Proportions Theory by Heckscher and Ohlin. What, in your view, are the major shortcomings of this theory? Do the New Trade Theories help to overcome these deficiencies? Explain, using a critical comparison of the two approaches. Which of the above approaches do you think best accounts for the trade pattern between South Africa and the rest of the world?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.