Export Risk in Selected Economic Theories
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Abstract
International trade plays a key role in the economy. In the face of growing uncertainty in international markets, companies need to create a security system that will enable them to maximise the value of their ventures and minimise risk-related costs.
This article aims to critically analyse the treatment of risk in selected economic theories, with particular attention paid to classical and contemporary trade theories, as well as the theory of internationalisation of enterprises.
The study is based on a theoretical analysis involving a systematic review of the literature covering traditional and new theories of international trade, the theory of internationalisation of enterprises, the theory of economic growth, and the new theory of international trade.
The results of the analysis indicate that classical trade theories give little consideration to risk, focusing instead on production costs. Contemporary approaches, on the other hand, refer to a greater extent to the dynamic and unpredictable conditions of international exchange. A comparison of both approaches shows the evolution of theory: from static models based on stable assumptions to more complex and realistic approaches that attempt to take into account the complexity and unpredictability of contemporary international trade.
This article attempts to organise and classify selected theoretical approaches to the issue of risk in international trade, as well as identify and categorise factors affecting the activities of enterprises in foreign markets.
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