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3-3 International Trade is GOOD - Book Report/Review Example

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Many people fault increasing income inequality on the rising importance of trade, especially trade with the developing countries, in the past 25 years. According to Sir James Goldsmith disputes that the free trade with low-wage countries has injured and threatens to deprive…
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3-3 International Trade is GOOD
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International Trade is good Many people fault increasing income inequality on the rising importance of trade, especially trade with the developing countries, in the past 25 years. According to Sir James Goldsmith disputes that the free trade with low-wage countries has injured and threatens to deprive low-skilled and middle-class workers in the developed nations. A relating argument was brought up by Ross Perot and other United States adversary of the North American Free Trade Agreement, who cautioned that freer trade with Mexico would get rid of industrial jobs. More so he said that it would reduce the wages of semi- skilled United States employees. More recently, Patrick Buchanan who was a republican presidential aspirant called for equalization of import tax from developing countries to shield American workers against competition from Latin American and Asian workers who are paid one-tenth the United States industrial wage.
The USA has turned into a job protecting nation with a desire to protect existing jobs threatened by international competition. Several industries that at one time had a relative advantage are no longer among the world’s lowest-cost producers; they fight to stay afloat. Protectionism ways have been adopted in the United States, for example, where the government imposes tariffs, quotas and Murky or hidden protectionism in an attempt to inflict restrictions on trade in goods and services. The aim is to moderate domestic industries and businesses from foreign competition and prevent the effect resulting from the interaction of free market forces of demand and supply.
International trade is not at the source of the predicament, but since it joins economies closely together and helps to spread developments from one country to another. The developments are both negative as well as the positive. Deteriorating consumption and investment lessen demand for exports, a subject of critical importance for most nations, and mainly those whose economic development strategies rely on export-led growth. USA needs to tackle unemployment and a shutdown foreigner in a quest to protect jobs is unhealthy when it comes to promoting international trade. It does this by lessen imports, having government contracts for individual firms and declining to help companies who invest abroad. The United States fails to know that no country can solely rely on its own economic, natural, and human resources to generate everything it needs. It is evident that protectionism has a considerable economic cost for firms, workers, and consumers. It is also clear that while the relationship between trades, growth and jobs is very complex, more open economies develop quicker than closed ones. International trade opening regularly contributes to positive labor market outcomes, creating jobs and raising incomes (Love and Lattimore).
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Love, Patrick and Ralph Lattimore. International Trade Retrieved from . Read More
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