PSCI 3325 Final: Final Exam Study Guide
Document Summary
Now says way to maximize global wealth is as few trade barriers as possible. Macroeconomics is trying to affect growth rates and whatnot but not government getting involved other than protecting u. s. industries vs. other countries trade. Hamilton argued that if trying to grow industry just entered industrial age said need to tax imports from england so they wouldn"t swamp the market and wipe out. At time export more than import is best if tax other countries they turned around and taxed to argued way to create national wealth is export more than import. Gross national product total values of goods and services produced. Peters argue 0 balance is good and positive sometimes. Value of exports value of imports + net service flow + net capital. Structural change transition for industries that would be harmed by it; maybe trade protection assistance for those lose their job: big disputes on tpp.
