Impact of International Trade Article Review by Nicky

Impact of International Trade
A review of the article "Globalization in Retreat" by former U.S. Deputy Treasury Security, Robert Altman.
# 149552 | 761 words | 1 source | APA | 2011 | US
Published on Dec 22, 2011 in Economics (Globalization)


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Description:

The paper reviews the article "Globalization in Retreat", where Robert Altman illustrates just how quickly and significantly global trade has changed in just three years. The paper looks at how Altman addresses the ramifications of international trade on jobs and employment in the U.S., how international trade is affecting the US balance of trade, and how international trade is significantly redefining the global standard of living. The paper includes a copy of the article with the paper.

Outline:
Introduction
Ramifications of International Trade on Jobs in the United States
International Trade Influences on the Balance of Trade
How International Trade Affects the Standard of Living

From the Paper:

"The net effect of the global recession has been to significantly reduce global trade over the last three economic quarters, resulting in significant unemployment throughout the manufacturing centers of the US. The downturn has shown, as Altman (2009) illustrates in his article, how tightly interconnected the U.S. economy is with the UK, France and Germany. It has also shown that despite the most manufacturing centric regions of the US. having unemployment rates that hover in the 20 - 25% range, the global rate of growth in international trade has not become significantly negative during this downturn (Altman, 2009). Instead China has been able to withstand the economic downturn by concentrating on re-indexing its currencies including the Yuan and also by investing a significantly higher percentage of its GDP back into manufacturing and retailing, two industries supporting the Chinese economy right now. All of these factors are having a deflationary effect on American employment as a result of the fundamental re-ordering of international trade.
The global recession continues to force a bipolar, more fragmented economic system in regions of the world that had just become more cohesive. According to Altman (2009) the Balance of Trade in emerging economies are now vulnerable to retreating back to their previous state of flat-lined and negative economic growth. As a result, the balance of trade across nations continues to decline based purely on the reduction in net volume of new business."

Sample of Sources Used:

  • Altman, R. (2009). Globalization in Retreat. Foreign Affairs, 88(4), 2-0_5.

Cite this Article Review:

APA Format

Impact of International Trade (2011, December 22) Retrieved June 17, 2021, from https://www.academon.com/article-review/impact-of-international-trade-149552/

MLA Format

"Impact of International Trade" 22 December 2011. Web. 17 June. 2021. <https://www.academon.com/article-review/impact-of-international-trade-149552/>

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