Global Economics - Global Exchange: Free Trade & Protection

July 2006
Societies have traded for thousands of years. However, the last 35 years have seen an explosion in world trade. How has this global integration affected the world's economy and individual markets and how are the overall gains of world trade distributed?

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[Games2view]

@Games2view I can recommend you some great literature which I have read because I study economics, on why we need certain liberalism in economies.. The Wealth of Nations by Adam Smith, Capitalism and Freedom by Milton Friedman, The Road to Serfdom by Friedrich A. Hayek, The Age Of Turbulence by Alan Greenspan.. Basically free trade is needed to keep moving forward in economic progress. Some regulations, however, are good. Now then the other extreme, the state owning stuff, is just a big monopoly

[Games2view]

@noprofitmaximierung Indeed, without workers there is in fact no economy to speak of. Now, liberalizing an economy creates jobs and opportunities that were not there before. I respectfully don't think your approach is a good one because it wants to look at only one perspective as well. Not to mention that controlled economies are also monopolies of the state. A free market allows the creation of new jobs and some regulation such as minimum wage are indeed good. Balance is key..

[noprofitmaximierung]

@Games2view You hit the nail on the head, it makes YOU wealthy. If you think GDP is a good way to measure "growth" in the developing countries, i would like to ask you where profit comes from? The Workers. Compare the living standard with the GDP "growth" in third world countries where "free" market deals have been made, and you notice that profit comes from taking more from workers' production.

[tehatemachine]

@ResistanceReportCom If we deregulated our market. Get rid of the minimum wage standard. Get rid of welfare and other forms of government aid. You'd then start to see many of those jobs pop back up here that where once there in the 50's and 60's, Especially in manufacturing. it would also suppress ghettos. Minimum wage standard has destroyed alot of our work force and put many people out of business. It also the most racist law there is on the books.

[tehatemachine]

@ResistanceReportCom Though those seem like good ideas and common theories. The main problem is governmental intervention on the free market. Regulations, Restrictions, And lobbyists for the special interests of companies that want to keep out foreign competition because of them not competing well enough.

[fuckyutakaozakioff]

Trade is expanding and tariffs and duties are being lowered around the world.Free trade is on the rise and export restrictions are loosening up.Forex has become the world's biggest financial market.For exporters,importers and traders alike,the business world is becoming barrier-free.But throughout these prosperous times,developing countries continue to be left out,Developing countres are increasingly counting on forein direct investment,or to lift sanctions,in order to survive.

[cjysdny]

Who's from Durham Business School for the BEA summative? Let's vote up here~~

[TheChadVasquez]

Extremely boring

[Youwillsurefail]

Hmm... seems like free trade favours the economies that have the MOST comparative advantages. Sadly, it is NOT the US. Probably China now.

[Samurai514]

Its true that free trade makes us wealthier. In Singapore, they export manufactured good overseas while trading for raw materials. Trade is Singapore's main source of income and it has made the country one of the top developed countries ^^