Many are concerned that international trade will result in American jobs moving to other countries. Other...
Many are concerned that international trade will result in American jobs moving to other countries. Other suggest trade is beneficial. Is internationl trade good for the U.S.? Do you support free trade or are there benefits to restricting trade?
Homework Answers
I support free trade because of its various advantages:
- There is increased production of goods and services
- Using comparative advantage, if producers produce and export those goods in which they have comparative advantage, their efficiency in production would increase
- There is increased consumption of goods and services
- Employment increases
- Economic growth increases
- There will be increased access to new markets for selling goods and services
- There will be free flow of technology
All these factors make free trade a better option.
In case of restricting trade, there is no scope of increasing production or consumption and there is no innovation and free flow of technology, which makes economies stagnant and reduce their growth rates as well as incentives to grow and develop.
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