GGR365H5 Lecture 1: GGR365 Lectures
Document Summary
Globalization: free trade on a global scale. P feels the world is getting better. This is what makes us diff from other animals. 1) benefits of international exchange: can find things that are not available internationally, can"t grow certain things domestically, thus can be imported, are able to access resources that are not available in your. 2) concerns about domestic (what if everyone else is better than environment us/country: industries, laborers, culture, harmed by foreign competition. Depending on emphasis: overall gains from trade, losses form imports. Do u focus on the jobs that are created in the process. Or do u focus on the jobs lost in the process to their competitors (as ur competitors might be better and have more business in trade) Economic rationale: protectionism: goal: to achieve favorable balance of trade that would bring gold and deliver into the country, ***in other words: to enrich country by.
