Why trade is good for you

Article Abstract:

Trade is beneficial, according to economic theory since its allows countries to specialise in what they are best at, so everyone benefits. Countries only need a comparative advantage, rather than an absolute advantage in order for specialization to be beneficial. More products can be made if specialization occurs. Competition is also increased if foreign suppliers can enter local markets. Companies are also less constrained and can go beyond their home markets.

Economic aspects, International trade, Comparative advantage (Commerce), Comparative advantage

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Deja vu again: trade peace

Article Abstract:

The Feb 26, 1995 Chinese capitulation in the face of 100% US import tariff threats was spurred by China's increasing dependence on the US market and its desire to become a World Trade Organization member. However, China's inability to enforce a similar 1992 agreement is ominous.

United States, China, Chinese foreign relations, United States foreign relations, International trade regulation, Intellectual property (International law)

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