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Trade Case Studies - Assignment Example

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Paul Krugman, an academic economist Princeton University was given the coveted Nobel Peace Prize in Economic Sciences in the year 2008 for his outstanding work. Krugman showed how economies of scale can aid in giving an explanation of the trade patterns and the production…
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Trade Case Studies Assignment
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Trade Case Studies

Download file to see previous pages... The models of trade developed by Paul Krugman can also explain intra-industry trade as an outcome of economies of scale, monopolistic competition, and consumer preference for product diversity. The development in the field of geography led to his work crediting especially since it helps to explain the core periphery pattern of urbanization and migration as witnessed in much of the world. Also, Paul Krugman has made noteworthy contributions to the research on strategic policies of trade and currency crises.
The trade businesses which have trade patterns that conform to Krugman’s theory are clothing, shoes, restaurants, and service businesses in major cities. The trade patterns conforming to Krugman’s theory exhibited by these businesses show that the costs of production reduce with increasing market prices resulting in lower equilibrium prices for the products.
Globalization can have challenging drawbacks to some countries in the world. First, the importation of cheap products from developing countries could lead to high levels of unemployment in developed countries due to the high costs of production. Secondly, the specialization in particular products by some countries could lead to unemployment in other non-prioritised sectors of the economy. Finally, globalization has led to intense competition for upcoming businesses in developing countries and the ‘Dumping’ of goods below the cost of production price harming the businesses in those countries (Perloff, 2004, p.7). Globalization as a world issue of concern has had a positive effect on my life due to the creation of a free trade zone, elimination of trade restrictions such as trade tariffs, a wide range of products and services to choose from, and reduction of transportation costs, for example, the cost of shipping for goods
The ignorance of the possible job losses in the ...Download file to see next pagesRead More
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