Identify the major fallacies of international trade.

Fallacies are often mistaken or misleading arguments or ideas. These could account for inaccuracies or misconceptions, and in the context of international trade, they might be incorrectly held beliefs about the way trading works on a global scale.

There are a few commonly recognised fallacies in the context of international trade: 1. Zero-Sum Game Fallacy: This is the belief that trade can only benefit one party at the expense of the other. In fact, trade can often benefit both parties involved due to the theory of comparative advantage. 2. Fallacy of Composition: The erroneous belief that what is true for a part is necessarily true for the whole. In international trade, this might be the assumption that because a particular industry in a country is successful, the overall economy must be successful. 3. The Protectionism Fallacy: Belief that domestic industries need to be protected from foreign competition at all costs. While certain protectionist policies can support newly established or struggling industries, excessive protectionism can stall competitiveness and innovation.

It's important to understand that these fallacies result from oversimplification of complex economic systems and that reality usually presents a vastly more nuanced picture.