π Every day, goods and services are traded between countries around the world.
π¦ The trade network involves lengthy supply chains that source, assemble, package, and sell products globally.
β The complexity of the trade network raises the question of how it all makes sense.
π Before the 19th century, most European countries prioritized self-sufficiency in a system called mercantilism.
π Classical economists championed the idea of comparative advantage, where countries trade with one another to be more successful.
πΌ Specialization allows countries to focus on making things they are good at and everyone benefits.
π International trade allows countries to utilize their resources efficiently and create new products.
π° Gross Domestic Product (GDP) is a key metric for measuring a country's economic power and productivity.
π Advancements in technology and travel have made remote markets more accessible, leading to increased international trade.
π International trade connects producers and customers worldwide.
π The General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO) have worked to lower trade barriers and establish rules for international trade.
πΌ The WTO regulates trade in goods, services, and intellectual property and provides a platform for dispute resolution.
π‘ The principle of comparative advantage determines a country's success in international trade.
βοΈ Inefficient businesses may be forced to close and result in job losses if they cannot compete in the global market.
π International trade requires countries to focus on their comparative advantages.
π The WTO attempts to address unfair trade practices, but faces challenges due to diverse perspectives and the need for consensus among member countries.
π€ Bilateral and regional trade agreements offer alternative solutions to address specific trade needs and strategies.
πΌ International trade has led to a tightly interconnected world economy, providing access to cheaper and better goods and services.
π World trade volume increased significantly from 1990 to 2015, creating millions of jobs and strengthening international connections.
π While trade can create winners and losers, policymakers should assist those who are disadvantaged with support and training for new jobs.
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