A Short Look at Theories on International Economics, and Growth Scenario for Kazakhstan under Modern Theories
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Date
2007
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Süleyman Demirel University
Abstract
This paper explores the evolution of international economic thought and applies it to Kazakhstan’s transition from a socialist to a market-based economy. It begins by outlining the two main branches of international economics—international trade theory and international finance—and explains their relevance to global economic relations. The study then examines how international economic relations were organized under socialism, emphasizing the role of central planning, state monopolies in trade, and the use of the material balance method. The inefficiencies of the socialist system, including non-convertible currencies, distorted prices, and limited trade integration, are analyzed as key barriers to international economic participation. In contrast, classical and modern market-based trade theories—such as those of Smith, Ricardo, and Heckscher-Ohlin—are reviewed to highlight the principles of comparative advantage and factor endowment. These theoretical perspectives are used to frame Kazakhstan’s economic transformation and its integration into the global market. The article concludes that Kazakhstan’s sustainable growth depends on aligning its economic structure with modern trade dynamics and strengthening its institutional and market mechanisms.
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Keywords
international economics, socialism, trade theory, comparative advantage, market economy, international finance, economic growth
Citation
Nurettin Can' / A Short Look at Theories on International Economics, and Growth Scenario for Kazakhstan under Modern Theories / Suleyman Demirel University / Сду хабаршысы, 2007