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Who are the winners and losers of the integration of the world’s economies?
Who are the winners and losers of the integration of the world’s economies?
Conceptual understandings
Conceptual understandings
- The increased interdependence of economies has benefits and costs.
- Increased economic integration may result in efficiency, welfare gains and improvements in economic well-being but the benefits may not result in equity.
4.3 Aims.pdf4.3 Extra Essays.pdf4.3 Key Concepts.pdf4.3 Crib.pdf
Arguments for trade protection/advantages of trade protection, including:
Arguments for trade protection/advantages of trade protection, including:
- protection of infant (sunrise) industries
- national security
- health and safety
- environmental standards
- anti-dumping
- unfair competition
- balance of payments correction
- government revenue
- protection of jobs
- Economically least developed country (ELDC) diversification
Arguments against trade protection/disadvantages of trade protection, including:
Arguments against trade protection/disadvantages of trade protection, including:
- misallocation of resources
- retaliation
- increased costs
- higher prices
- less choice
- domestic firms lack incentive to become more efficient
- reduced export competitiveness
US-China: Trade War 2018/19
US-China: Trade War 2018/19
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