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Word Count: 794
Trade Globalization Trade has the ability to raise the standard of living and make those who trade socially and economically better off International trade has the ability to make all those involved in it economically better off Indeed the marked rise in global living standards over time can be shown to have come from the benefits of increased trade This has been dramatic in the last century for those living in the industrialized countries Free trade is one of the greatest sources of economic well being Yet in every country foreign trade has at times been hated and reviled by sections of the population It is easy to find strong trade related protests appearing in the new and media everyday around the world The reason behind this can be found by considering who benefits and who loses with the increase in foreign trade Beneficiaries are the millions of consumers who vote quietly and unobtrusively with their dollars as they make gains in price quantity quality and choice The losers however are likely to be a relatively small group of producers compared to the size of the consumer group Domestic producers believe international trade causes unemployment and destroys small businesses However it adds very many beneficial points to the market Trade has the potential to make people economically better off There are a few powerful economic reasons for this They are The spread of modern technology International competition the theory of comparative advantage and economies of scale There are in addition some non-economic reasons as well Consumer choice is prized by most people Even where trade does not lower prices and increase total consumption greater variety and choice is still valued by consumers For example foreign holidays foreign food foreign cars and foreign education are all valued for their novelty even where domestic products are available at
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