Disadvantages Of International Trade

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International trade is an integral part of our society today. The United States imports and exports a total of over $5,000 billion in products and services yearly (Pride, Hughes, Kapoor, 2017, p. 72). However, there is a great deal of controversy surrounding this topic by economists worldwide. Some hold firmly to the view that globalization and the resulting opportunities for international trade are ushering in the most prosperous economic era in the history of our nation. Others, however, will argue the view that the international trade industry is harming the economy. There is evidence on both sides of the equation, both advantages and disadvantages to international trade. Some of the advantages of international trade include higher innovation,…show more content…
In our modern age of technology and globalization, international business is easier than ever. However, some factors in certain parts of the world can hinder the potential of trade, including quality of available technology, preexisting economics, and government. If the level playing field were truly level, where all these factors were equalized worldwide, international trade would be perfectly fair and extremely profitable. While there is no definite way to solve the controversy whether international trade brings more good than harm, if you look at the information impartially, it appears that, with certain precautions, the benefits of international trade far outweigh the…show more content…
Modern technological advancements have driven this trend by making global communication easier and information more accessible. However, there are both benefits and disadvantages to international trade. The main consequences of foreign trade are job loss and higher worldwide inequality. However, the first of those is more a consequence of technology than trade, and the second is being quickly remedied through the spread of technology and Internet use. Also, if we are able to further level the playing field by implementing balanced standards of international trade, it would alleviate some of the trade disagreements and controversies. Furthermore, the advantages of international business are weighty, including the significantly more efficient production of goods and the provision of goods at better quality, quantity, and prices. So, while we must take into account the disadvantages of foreign trade, with careful planning and judicious use of trade restrictions, the benefits will blossom and the entire world will be able to prosper through this incredible worldwide
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