Question

I want you all to think about the issue of international trade very broadly, from a policy perspective.

I would like you to think of the purposes of the Bretton Woods Conference. I would like you to think of a nation's interests in protecting the economic welfare of its own citizens. I would also like to consider any other issues raised in this module.

What are some of the benefits of free and open international trade, in which barriers to commerce between nations are either very minimal or non-existent? What are some of the downsides? If you were a member of the US Congress, what type of legislation would you support on this issue, and why?

Answer 1

Benefits of free and open international trade are improved bilateral relationships, safeguard against monopolies, better world prpduction and consumption levels, increased job opportunities, optimum utilisation of resources and efficiency.

However, some downsides like excessive dependence, higher trade deficit due to comparative advantage, friction and rivalry are resulted.

As member of Congress, legislation like fixed level of imports amd exports, higher taxes on non compliance, revision of agreement details every 2 years can help in risk mitigation.

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