This document summarizes several theories of international trade: - Mercantilism focused on accumulating wealth through government-regulated trade. - Classical theories by Adam Smith and David Ricardo established that countries benefit from specializing in what they have a comparative advantage in and trading. - Factor proportions theory says countries will export goods that intensively use their abundant factors of production. - Product cycle theory explains trade through the stages of a product's life cycle and companies' production moving internationally. - New trade theory examines how scale economies and imperfect competition affect patterns of trade.