Unit 2: Why Trade?
Introduction
The first thing we want to
know about economic liberalization is “Why trade in
the first place?” This unit provides a brief history
and modern day interpretations of international trade theory
and its implications.
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 ***Tip:
A term that gets used throughout this chapter is “economic
liberalization,” often used interchangeably
with “globalization.” Do not confuse
this term with “political liberalism.”
In the United States, those who support unfettered
free trade or economic liberalization tend to be political
conservatives who believe the open market will take
care of problems on its own. Political liberals
are more inclined to support the idea of managed capitalism
a la John Keynes, and want trade regulated through
government oversite. *** |
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