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This paper gives an in-depth analysis of the benefits and drawbacks of international trade for developing countries. First, the paper examines the benefits of globalization and free-trade for developing nations, including the increase in annual income for the country which results in a decline in poverty. On the other hand, it also considers the drawbacks of international trade, such as a lack of experience for third world nations in negotiating economic treaties and therefore giving concessions that are not in their best interest. This unequal exchange between industrial countries and developing countries is further considered in light of its economic costs. The paper concludes by highlighting the point that participating in the global market does help Third World countries, however those Third World countries need to develop the sophistication regarding international trade negotiations to be sure they get a fair deal.
From the Paper:"When there are "unequal exchanges" between industrial countries and developing countries there are likely to be two economic costs paid: one, a lower degree of access to foreign markets is likely, hampering globalization efforts for the developing; and two, by experiencing a "weakening of their bargaining power" through giving too many concessions to the more experienced, more powerful industrial countries, developing countries will pay a cost both in lost revenue potential and in public perceptions of their stability in the market."
Sample of Sources Used:
- Jeter, John. "Brazilians Soured by U.S. Sugar Tariffs." Washington Post 10 September 2003. Retrieved March 3, 2009, from http://www.washingtonpost.com.
- Nogues, Julio J. "Unequal Exchange: Developing Countries in the International Trade Negotiations." Murphy Institute Conference (2002). Retrieved March 4, 2009, from http://www.ctrc.sice.oas.org/geograph/south/nogues.pdf.
- Office of the United States Trade Representative. "The Benefits of Trade for Developing Countries." Retrieved March 4, 2009, from http://www.ustr.gov.
- World Hunger. "Special Report: Trade Between Developed and Developing Countries." Retrieved March 3, 2009, from http://www.worldhunger.org/articles/global/Trade/trade.htm.
Cite this Analytical Essay:
International Trade for Developing Countries (2010, December 24) Retrieved February 19, 2020, from https://www.academon.com/analytical-essay/international-trade-for-developing-countries-146266/
"International Trade for Developing Countries" 24 December 2010. Web. 19 February. 2020. <https://www.academon.com/analytical-essay/international-trade-for-developing-countries-146266/>