International Trade and Its Impact on Us Economy
International Trade and its Impact on the U.S. Economy
Abstract
The international trade sector of the U.S. economy continues to draw attention in economic and political circles. It is true that, the international market has become increasingly important as a source of demand for U.S. production and a source of supply for U.S. consumption. Indeed, it is substantially more important than is implied by the usual measures that relate the size of the international sector to the overall economy. This paper explores the role international trade now plays in the U.S. economy and answers the important questions for economic policy: How does international trade affect economic well-being? Who gains and who loses from free trade among countries, and how do gains compare to loses. How international marketplace achieves these gains from trade or how the gains are distributed among various economic participants.
International Trade and its impact on U.S. Economy
U.S. foreign trade and global economic policies have changed direction dramatically during the several years that the United States has been a country. In the early days of the nation's history, government and business mostly concentrated on developing the domestic economy irrespective of what went on abroad. But since the Great Depression of the 1930s and World War II, the country generally has sought to reduce trade barriers and coordinate the world economic system. This commitment to free trade has both economic and political roots; the United States increasingly has come to see international trade as a means not only of advancing its own economic interests but also as a key to building peaceful relations among nations. Since the end of the 20th century, a growing trade deficit has brought some ambivalence in the minds of American people about trade liberalization. The United States had experienced trade surpluses during most of the years following World
Abstract
The international trade sector of the U.S. economy continues to draw attention in economic and political circles. It is true that, the international market has become increasingly important as a source of demand for U.S. production and a source of supply for U.S. consumption. Indeed, it is substantially more important than is implied by the usual measures that relate the size of the international sector to the overall economy. This paper explores the role international trade now plays in the U.S. economy and answers the important questions for economic policy: How does international trade affect economic well-being? Who gains and who loses from free trade among countries, and how do gains compare to loses. How international marketplace achieves these gains from trade or how the gains are distributed among various economic participants.
International Trade and its impact on U.S. Economy
U.S. foreign trade and global economic policies have changed direction dramatically during the several years that the United States has been a country. In the early days of the nation's history, government and business mostly concentrated on developing the domestic economy irrespective of what went on abroad. But since the Great Depression of the 1930s and World War II, the country generally has sought to reduce trade barriers and coordinate the world economic system. This commitment to free trade has both economic and political roots; the United States increasingly has come to see international trade as a means not only of advancing its own economic interests but also as a key to building peaceful relations among nations. Since the end of the 20th century, a growing trade deficit has brought some ambivalence in the minds of American people about trade liberalization. The United States had experienced trade surpluses during most of the years following World
References: * James K. Jackson (March 11, 2010) Trade Agreements: Impact on the U.S Economy. Retrieved from http://www.nationalaglawcenter.org/assets/crs/RL31932.pdf