Drawing on the theories of international trade to support your arguments, critically evaluate the case for and against free trade.
“Free trade is the pattern of imports and exports that occurs in the absence of trade barriers.”
(Wild et al. 2010)
Free Trade zones have emerged on the scene as a planning tool to help boost economic development. They have their advantages but their policy pitfalls too. Free Trade as with most political and economic topics is very subjective and discussions can become heated. This is because opinions on the advantages and disadvantages of free trade depend largely on a person’s experience, personal beliefs and their knowledge about the issue. Some negative feelings come from misunderstandings of the subject of international trade.
International trade is opening doors to new entrepreneurial opportunity across the world. It is also providing countries with a greater choice of goods and services while being an important engine for creating jobs in many countries. Trade theories are constantly being reviewed to try and improve the economy; however there will never be a method that will satisfy everyone and help those opposed to free trade see the benefits. Some of the key reasons why groups are opposed to globalistaion and international trade are because they blame it for eroding standards of living and ruining ways of life. However on the other hand supporters of international trade say it improves standards of living and makes possible new ways of life.
Trade between many different groups of people has occurred for many thousands of years. But it wasn’t until the 15th Century that people began to explain why trade occurs and how it can benefit both parties. Efforts to refine existing trade theories and to develop new ones still continue. Below is a timeline of... [continues]
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