Global Economy

Paper Summary:

In this article, the writer notes that the U.S. in particular trades with other nations to acquire goods that it either does not have or cannot produce with ease or for the cost provided by the foreign nation. This work briefly outlines some aspects of the global economy including identifying trade partners of the US. The writer discusses who benefits from global trade and looks at why it is done and how it is regulated. Further, the writer explores what impact illegal immigration and outsourcing have on the US economy. The writer concludes that there is no question that the international economy is in transition, as the global economy has become a dominant force in trade and business change.

From the Paper:

"Though these trade agreements have gone under fire recently, as the US can be seen by some as an international trade bully, seeking to make trades that benefit them more than those they trade from, because for one so much is determined by US market and not inclusive of market needs and especially social and political needs of the nation of origin. The New York Stock exchange and Commodities markets determine the costs of many goods and therefore the market value even when such price changes do not reflect the market abroad, leaving some nations reeling from cheep competitors and subsidized markets, especially in the agricultural trade industries. This has increased the fair trade movement where nations seek to balance the needs of the market in both nations rather than rely solely on market driven price setting established by the US economy. Fair trade has many meanings, in some cases it means simply taking the market of a foreign country more into consideration than unregulated trade, while in others it demands the reduction of subsidies paid in the US to allow the foreign market a better chance at true competition for the most part is also an evolving entity, just as free trade is, but it has an agenda that attempts to better level the playing field, taking social responsibility into the mix rather than allowing market flux to damage the market of the origin nation."

Sample of Sources Used:

• Borthick, Sandy. "Outsourcing Trends: Customers and Market Mature." Business Communications Review July 2001: 28.
• "United States." The Columbia Encyclopedia. 6th ed. 2004.
• Conti, Delia B. Reconciling Free Trade, Fair Trade, and Interdependence: The Rhetoric of Presidential Economic Leadership. Westport, CT: Praeger Publishers, 1998.
• Cox, Ronald W., and Daniel Skidmore-Hess. U.S. Politics and the Global Economy: Corporate Power, Conservative Shift. Boulder, CO: Lynne Rienner, 1999.
• Hayes, Ted. "Illegal Immigration Threatens U.S. Sovereignty, Economy and Culture." Insight on the News 25 Sept. 2000: 46.

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