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This paper examines various viewpoints on free trade in order to determine whether it is helping or hindering the developing nations. First, the paper gives a definition of free trade and highlights the major actors in this approach to international economics. Then, it discusses the benefits and of free trade, such as it creates jobs and increases the standard of living. In particular, proponents note that economic opportunity improves for the citizens of both countries engaging in free trade. Next, the paper explores the opposition to free trade, citing mercantilism and the trade practices of Europe in the 1800's and also the loss of jobs in both countries. Finally, the paper concludes that both sides in the free trade debate make compelling arguments about the overall benefits and drawbacks of each. However, the views of both sides should always be kept in balance. The paper concludes, however, with a definite bias in favor of free trade.
From the Paper:"In theory free trade is the total elimination of all trade barriers and tariffs. As it allows suppliers to effectively deliver various goods and services, with as little interference from the government as possible. Within this basic principal is where the viewpoints change dramatically as to what the overall impact has been. This can be seen with both proponents and critics passionately arguing about the overall positive or negative effects. A few of the most notable views from proponents would include: it creates jobs and increases the standard of living. When you look at the overall effects that free trade has on the economies between both nations, it is clear that it impacts both. This can be seen by looking no further than the statistics provided by the World Trade Organization (WTO), which found that economic opportunity improves for the citizens of both countries engaging in free. The European Commission calculated, that by Europe forming a single free trade zone under the E.U, it created 300,000 to 900,000 more jobs than if it had not been there. Yet, to fully see the impact that free trade has on both wealthy and poor nations requires that you examine this effect between them."
Sample of Sources Used:
- Free Trade Agreements. (n.d.). Retrieved March 5, 2010 from International Trade Administration website: http://www.trade.gov/fta/index.asp
- Trade Stimulates Economic Growth and that Can Be Good for Employment. (n.d.). Retrieved March 5, 2010 from WTO website: http://www.wto.org/english/thewto_e/whatis_e/10ben_e/10b07_e.htm
- Audley, J. (2004). NAFTA's Promise and Reality. Retrieved March 5, 2010 from Carnegie Endowment website: http://www.carnegieendowment.org/files/nafta1.pdf
- Froning, D. (2000, August 25). The Benefits of Free Trade a Guide for Policy Makers. Retrieved March 5, 2010 from Heritage Foundation website: http://www.heritage.org/research/tradeandeconomicfreedom/bg1391.cfm
- Landler, M. (2010, February 3). Currency Dispute Likely to Further Fray US China Ties. Retrieved March 5, 2010 from: New York Times website: http://www.nytimes.com/2010/02/04/world/asia/04diplo.html?hp
Cite this Term Paper:
Free Trade and the Global Economy (2012, October 26) Retrieved February 26, 2020, from https://www.academon.com/term-paper/free-trade-and-the-global-economy-151933/
"Free Trade and the Global Economy" 26 October 2012. Web. 26 February. 2020. <https://www.academon.com/term-paper/free-trade-and-the-global-economy-151933/>