This review homogenizes much of the work done in general equilibrium trade theory since Chipman's Econometrica (1965-6) survey. Examined are properties of the long run Walrasian model of a small open economy with full employment of productive resources and competitive pricing of homogeneous final goods. The three factor model, which includes human capital or natural resources as primary inputs along with traditional capital and labor, is contrasted with the two factor Heckscher-Ohlin-Samuelson model. Magnification effects in the three factor model are completely developed. A review of these production models with international capital mobility is included.