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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.
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:
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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