Discuss the benefits of trade to global economies
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Trade is vital for the global economy, helping to provide businesses with new markets which spur growth and increase resilience. As noted by the World Bank, economies that trade more tend to be more productive, grow faster, are more innovative, and have higher incomes. By increasing competition in the market, trade benefits lower-income households by keeping prices lower. Trade also provides a number of social benefits, ranging from increased social opportunity due to the economic benefits of trade to increased product variety in the market. Additionally, trade helps facilitate cultural exchange between nations around the world by bringing products from one corner of the globe to another. The report discusses the benefits of trade to global economies.
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Global voices on the benefits of Trade; benefits of trade to economies Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand and discuss the importance of trade to global economies
- Discuss the advantages and disadvantages of trade in global economies
- Discuss how open trade policies enable economic growth for all economies
1.0 INTRODUCTION
International trading, especially among blocs, can lead to dynamic gains in the form of increased efficiency and economies of scale for firms within those regions. This is because the removal of trade barriers first leads to increased competition, which in turn, should facilitate incentives for firms to become efficient. Secondly, the creation of a larger market may encourage economies of scale as firms expand production to meet new demand. 19th-century economist Frederic Bastiat is attributed to have said: “When goods don't cross borders, armies will.” It highlights a political benefit often invoked for international trading and regional integration movements such as the EU.
Integrating with the world economy through trade and global value chains helps drive economic growth and reduce poverty, locally and globally. However, trade also comes with some challenges. Increased trade comes with distributional consequences. While on aggregate, economies gain enormously from increasing trade, as competition increases and many good jobs are created in export sectors—the wages of workers in import-competing industries may suffer or some workers may lose their jobs.
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