International Trade Advantages And Disadvantages

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International trade is an integral part of our society today. The United States imports and exports a total of over $5,000 billion in products and services yearly (Pride, Hughes, Kapoor, 2017, p. 72). However, there is a great deal of controversy surrounding this topic by economists worldwide. Some hold firmly to the view that globalization and the resulting opportunities for international trade are ushering in the most prosperous economic era in the history of our nation. Others, however, will argue the view that international trade is harming the economy. There is evidence on both sides of the equation, both advantages and disadvantages to international trade. However, while there is no definite way to solve the controversy, if you look at the information impartially, it appears that, with certain precautions, the benefits of international trade far outweigh the consequences.

First, we will consider two of the main disadvantages of international business. The primary argument in opposition of international trade is that it appears to cause domestic jobs to be lost (Lamy, 2008; “Introduction”, 2009). Whether because products are being exported from foreign companies, or because American
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The main consequences of foreign trade are job loss and higher worldwide inequality. However, the first of those is more a consequence of technology than trade, and the second is being quickly remedied through the spread of technology and Internet use. Furthermore, the advantages of international business are weighty, including the significantly more efficient production of goods and the provision of goods at better quality, quantity, and prices. So, while the disadvantages of foreign trade cannot be dismissed completely, with careful planning and judicious trade restrictions, the benefits will blossom and the entire world will be able to prosper through this incredible worldwide
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