We wouldn’t have a very high standard of living if we had to produce all of the goods and services we consumed in any given year. Imagine having to make your own clothes, car, and house- along with producing your own television programs to watch in the evening.Most participants in the 21st-century economy agree that it makes sense to spend scarce material and human resources producing only those goods and services they are relatively good at- and use their export earnings to import the rest. However, some countries will always have more resources than the others. The problem is regulating foreign trade without disadvantaging any single player.The idea of free trade is to have a level playing field, permitting individuals and companies to have the opportunity to sell their goods and services in other lands. In theory, when every country in the world is allowed to do what it does best- letting the French excel in fashion, or the Japanese in consumer electronics, or the Americans in aircraft and movies, for example-the world economy prospers. In general, trade increases income, and companies and consumers have more of a choice of what to purchase with their increased income.Unfortunately, there will always… Read full this story
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