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Alexandra marked it as to-read Jul 16, In theory, economies can therefore grow more efficiently and can more easily become competitive economic participants. For the receiving government, FDI is a means by which foreign currency and expertise can enter the country. It raises employment levels, and theoretically, leads to a growth in gross domestic product. For the investor, FDI offers company expansion and growth, which means higher revenues.
As with all theories, there are opposing views. International trade has two contrasting views regarding the level of control placed on trade: free trade and protectionism. Free trade is the simpler of the two theories: a laissez-faire approach, with no restrictions on trade. The main idea is that supply and demand factors, operating on a global scale, will ensure that production happens efficiently.
Therefore, nothing needs to be done to protect or promote trade and growth, because market forces will do so automatically. In contrast, protectionism holds that regulation of international trade is important to ensure that markets function properly.source link
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Advocates of this theory believe that market inefficiencies may hamper the benefits of international trade, and they aim to guide the market accordingly. Protectionism exists in many different forms, but the most common are tariffs , subsidies , and quotas.
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These strategies attempt to correct any inefficiency in the international market. As it opens up the opportunity for specialization, and therefore more efficient use of resources, international trade has the potential to maximize a country's capacity to produce and acquire goods. Opponents of global free trade have argued, however, that international trade still allows for inefficiencies that leave developing nations compromised. What is certain is that the global economy is in a state of continual change, and, as it develops, so too must its participants.
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Part Of. Global Players. Table of Contents Expand. How International Trade Works. Efficiency and Global Trade. Origins of Comparative Advantage. Other Possible Benefits of Trade. Free Trade Vs. Key Takeaways International trade is the exchange of goods and services between countries. Trading globally gives consumers and countries the opportunity to be exposed to goods and services not available in their own countries, or which would be more expensive domestically. Adam Smith B. Ricardo C. Hicks D. Answer: Option B Explanation:. Which is NOT an advantage of international trade: A.
Export of surplus production B. Import of defence material C. Dependence on foreign countries D.
If Japan and Pakistan start free trade, difference in wages in two countries will: A. Increase B. Decrease C.
Global Trade Policy: Questions and Answers - AbeBooks - Pamela J. Smith:
No effect D. Trade between two countries can be useful if cost ratios of goods are: A. Equal B. Different C. Undetermined D.