Question

What industries and job skills in the United States have benefitted from growth of international trade?...

What industries and job skills in the United States have benefitted from growth of international trade? Which ones have suffered? Have the resources, including workers, in import-competing industries been able to shift into areas where demand is growing? What may be limiting the transition? What are the implications of restricting trade on both exporting industries and import-competing industries?

Homework Answers

Answer #1

Sector producing goods into which usa has comparative advantage has benefited. Those requiring cheap labour and import competing industries have suffered. NO THEY have not been successful because resources are not perfect substitutes E. G labour requires new skills to be adjusted in new sector and it is costly and time consuming to get those skills. Everybody can't become doctor. Even otherwise export oriented industry require less labour and more capital.

By restricting trade imports competing industries will gain as they have to compete less. Export oriented industries will loose as they will loose markets

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