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FREE TRADE No restrictions on trade Free Traders say that unrestricted marketforces will create the most good for the most people by directing resources to the mostefficient countries To achieve worldwide efficiency trade must be conducted withoutregard to national concerns therefore any temporary imbalance in a countrys foreignexchange settlements or domestic living standards is without consequence FreeTraders also believe that any action to interfere with free trade will result in a tradewar wherein a countrys trading partners will enact retaliatory laws to eliminate anybenfefit the initiating country receives from a protectionist policy Free Trade benefits multi-national corporations by opening markets to their productswhich might otherwise be restricted in some fashion It also benefits consumers bymaking the manufacture of goods become as cheap as possible since manufacturersseek out countries with the lowest cost production Many countries which haveadopted this policy have seen their economy grow as a result The question is whetherthe benefits to individual citizens from imports which cost less than goods made in thehome country are more than offset by the resulting loss in jobs and wages to localcitizens Some observers fear that a race to the bottom resulting from the mobility ofcapital in seeking low cost production will lower everyones wages to the lowestThe United States of America is the prime mover behind this policy because it seesthe opening of foreign markets as the best way to address its long standing tradeimbalance of imports over exports This is a new development since this policy beganas industrialized countries opening their markets to poor developing countries whileignoring them as export markets Unfortunately many international lending agencieshave adopted this policy as a requirement for borrowers although the effect ofadopting this policy is frequently to eliminate any possibility of a favorable tradeBibliographyyour mum
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