How did the growth of trade take place in the 16th century?
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According to Heckscher-Ohlin theorem, with same factor endowments cost-ratio of producing the two commodities and hence the commodity price ratio would be the same. Hence there is no possibility of trade between the two countries on the basis of Heckscher-Ohlin theorem.
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HISTORY OF TRADE including Portugal's eastern trade, Rivals in the ... for Portugal by the activities of Afonso de Albuquerque, who takes up his duties as the .... Europe in the 16th century is already experiencing, for other reasons, an inflationary pressure. The Spanish bullion has an added effect in pushing prices up.
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