Trade is almost always beneficial because of the economic law of comparative advantage, which says that any two countries, states or localities can both benefit from trade when they have different relative costs for producing the same goods. Even if one place could produce all goods more efficiently (which is virtually never the case), it still can gain by trading with less-efficient places as long as they have different relative efficiencies.
Today, many Americans again believe that globalization and free trade are “stealing” American jobs and harming American small businesses and consumers. This has given rise to a new movement called Buy Local First. Its
Recent Comments