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• Why are trade agreements important for the various countries involved?
TTrade agreements bring many benefits for economies around the world. Trade agreements can foster economic growth by increasing trade for a nation.
Expert answered|danab1019|Points 136|
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Asked 4/15/2012 12:14:37 PM
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How is international trade related to the U.S. standard of living as opposed to the standard of living of a small industrial nation or a developing nation?
Weegy: A trade surplus creates a river of money flowing into the country. A trade deficit causes a river of money flowing out of the country. It is not difficult to imagine what effect this has on an economy. [ Canada, Germany, Norway, and Sweden are major exporters (trade surplus), and they are known for their high standard of living and their generous social programs. Greece, Mexico, Pakistan, and Turkey have a chronic trade deficit. These economies are NOT noted for their high standard of living. And Greece just recently caused a debt crisis, because it ran out of money to borrow. This is a direct result of a trade deficit, because money flowing out of your country creates chronic debt. The USA became a prosperous nation 100 years ago because we were the king of globalization. What is happening today? Jobs leaving the USA, entire factories are shutting down and moving to foreign countries. 100 years ago, entire factories were moving to the USA. That's what caused that huge wave of immigration, because the factory owners often brought all their workers with them, paying their way in steerage on a steamer ship. ............... ] (More)
Expert Answered
Asked 4/15/2012 12:20:19 PM
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How does international trade affect a country’s standard of living?
Weegy: "U.S. goods (exports plus imports) increased from 9.2 percent of gross domestic product in 1960 to 28.6 percent in 2007. This expansion of international trade has benefited the United States and its trading partners considerably. [ The benefits include a higher standard of living, lower prices for consumers, improved efficiency in production and a greater variety of goods," writes Krol. In fact, international trade is so beneficial that a global elimination of trade barriers would boost the income of Americans by a total of half a trillion dollars. Among the biggest criticisms of free trade is that it takes a toll on domestic workers. The study, however, finds that international trade only directly affects 15 percent of the U.S. workforce. Moreover, while "trade can result in the displacement of workers in industries that must compete with imports, the impact is modest relative to overall employment growth." The author concludes: "Recent polls and political rhetoric suggest support for continued trade liberalization may be waning - and that is of concern. A movement away from the relatively open global trading system that is currently in place would impose significant economic costs on the United States and the rest of the world." ............... ] (More)
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Asked 4/15/2012 12:49:11 PM
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