Sample Compare and Contrast Essay
Free trade is a phenomenon that occurs when there are no artificial blockades put in place by governments to limit the flow of goods and services between trading nations. When trade barriers, such as duties and subsidies are put in place, they defend domestic producers from international competition and pass on, rather than produce trade flows. For more than two hundred years, economists have steadily supported free trade among states as the best trade policy. In spite of this academic onslaught, many practical individuals persist to view the case for free trade suspiciously, as a theoretical argument made by academic economists. This paper compares and contrasts the different pros and cons under four different heads: economic, political, socio-cultural, security reasons.
Pro: Increased Productivity
Free trade allows the countries to specialize in the production of that product in which it had a comparative advantage. With specialization, countries are capable to take the lead of efficiencies produced from economies of scale and increase in output. International trade increases the size of a firm’s market, leading to lower average costs and improved productivity.
Pro: Increased Economic Development
Fixed economic gains ensuing from an optimal distribution of resources in a world distinguished by competition, and active gains, because open trade leads to investment, information, improvement, efficiency, and development. (Cobb)
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