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Does greater economic openness between nations lead towards economic growth and convergence Greater economic openness between nations does lead towards economic growth and convergence All of the first world countries demonstrate greater economic openness then third world countries demonstrate Although economic openness may be a solution to gain economic growth and convergence free trade may not be the answer There are two different views on free trade the conservative view and the liberal view In an economic age in which speedy transactions of imports and exports are essential free trade is a necessity for aiding worldwide economic development Even today the United States continues to support free trade an example being NAFTA North America Free Trade Agreement The problem is that Americas generosity has caused the foreign industry to take over the US marketplace This unfortunately has resulted in high unemployment rates because consumers and firms can purchase foreign goods for a little less than domestic products From a conservative viewpoint the only remedy to decrease unemployment and stimulate our own economic growth is to abandon the free trade policy and raise tariffs Free trade has only crippled the American work force increased poverty and added to our national debt If other nations begin to support free trade the same situation may be likely to occur Today there are about 10 million unemployed citizens and 35 million Americans are living in poverty because of free trade Foreign industry is taking advantage of us Market-opening measures in Asia along with other countries across the world have been promoted by exporting opportunities In any clothing store and youll find that most of the apparel comes from South Korea China Hong Kong Sri Lanka and the Philippines Its simply not feasible for the US apparel industry to compete with the extremely low production costs in Third World countries Also another example of an industry hurt by free trade is the lumber industry Even though our country possesses the
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