International Political Economy: Free Trade or Fair Trade?

By Kyle W. Bell
$0.99 Rating: Not yet rated.
Published: Dec. 20, 2009
Words: 5743 (approximate)
Language: English

Ebook short description

Like it or not, globalization is here to stay. The days of protectionism are long gone. America and the world are trading at levels never seen before in the history of man. As the most recent economic collapse has shown quite vividly, markets are interconnected in a way that an investment banker in London or Shanghai is affected by a mortgage default in Los Angeles or Detroit.

Extended description

Like it or not, globalization is here to stay. The days of protectionism, while comforting to some during times of economic uncertainty, are long gone. America and the world are trading at levels never seen before in the history of man. As the most recent economic collapse has shown quite vividly, markets are interconnected in a way that an investment banker in London, Shanghai or Dubai is affected by a mortgage default in Los Angeles, California or Detroit, Michigan.

That does not mean that people and governments cannot influence the way we continue to trade. Indeed, it is our government's responsibility to look out for both works and consumers at home, while being mindful of the results of those trade deals abroad. Our very national security interests are at stake.

Do we accept and sign trade agreements with foreign nations that solely look to enhance the profits of multi-national corporations, lowering prices and exporting American jobs? Alternatively, we can trade on the basis of... (Read more) Like it or not, globalization is here to stay. The days of protectionism, while comforting to some during times of economic uncertainty, are long gone. America and the world are trading at levels never seen before in the history of man. As the most recent economic collapse has shown quite vividly, markets are interconnected in a way that an investment banker in London, Shanghai or Dubai is affected by a mortgage default in Los Angeles, California or Detroit, Michigan.

That does not mean that people and governments cannot influence the way we continue to trade. Indeed, it is our government's responsibility to look out for both works and consumers at home, while being mindful of the results of those trade deals abroad. Our very national security interests are at stake.

Do we accept and sign trade agreements with foreign nations that solely look to enhance the profits of multi-national corporations, lowering prices and exporting American jobs? Alternatively, we can trade on the basis of mutual benefit, specializing in areas where one nation has a clear advantage, while raising the living standards of workers by guaranteeing decent wages. The question becomes: free trade or fair trade?
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Tags

political, globalization, world war 2, china, international, economy, development, afghanistan, policy, trade, un, fair trade, world trade organization, wto, gatt, world bank, imf, monetary, bretton woods, free trade, gdp, third world, industrialization, nafta

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