International trade as opportunity for workers essay

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International trade as opportunity for workers essay

Advantages and Disadvantages of International Trade Article shared by: Advantages of International Trade: International trade helps each country to make optimum use of its natural resources. Each country can concentrate on production of those goods for which its resources are best suited.

Wastage of resources is avoided. It enables a country to obtain goods which it cannot produce or which it is not producing due to higher costs, by importing from other countries at lower costs. Foreign trade leads to specialisation and encourages production of different goods in different countries.

Goods can be produced at a comparatively low cost due to advantages of division of labour. Due to international trade, goods are produced not only for home consumption but for export to other countries also.

Nations of the world can dispose of goods which they have in surplus in the international markets. This leads to production at large scale and the advantages of large scale production can be obtained by all the countries of the world. International trade irons out wild fluctuations in prices.

It equalizes the prices of goods throughout the world ignoring cost of transportation, etc. Underdeveloped countries can establish and develop new industries with the machinery, equipment and technical know-how imported from developed countries.

This helps in the development of these countries and the economy of the world at large. Due to international competition, the producers in a country attempt to produce better quality goods and at the minimum possible cost.

This increases the efficiency and benefits to the consumers all over the world. International trade requires the best means of transport and communication.

For the advantages of international trade, development in the means of transport and communication is also made possible. The people of different countries come in contact with each other.

Commercial intercourse amongst nations of the world encourages exchange of ideas and culture. It creates co-operation, understanding, cordial relations amongst various nations. Natural calamities such as drought, floods, famine, earthquake etc.

Deficiency in the supply of goods at the time of such natural calamities can be met by imports from other countries.

International trade helps in many other ways such as benefits to consumers, international peace and better standard of living.

Trade and wages

Disadvantages of International Trade: Though foreign trade has many advantages, its dangers or disadvantages should not be ignored. International trade has an adverse effect on the development of home industries. It poses a threat to the survival of infant industries at home. Due to foreign competition and unrestricted imports, the upcoming industries in the country may collapse.

The underdeveloped countries have to depend upon the developed ones for their economic development. Such reliance often leads to economic exploitation. For instance, most of the underdeveloped countries in Africa and Asia have been exploited by European countries.

International trade often encourages subjugation and slavery. It impairs economic independence which endangers political dependence. For example, the Britishers came to India as traders and ultimately ruled over India for a very long time.

Excessive exports may exhaust the natural resources of a country in a shorter span of time than it would have been otherwise. This will cause economic downfall of the country in the long run. Import of spurious drugs, luxury articles, etc. Sometimes the essential commodities required in a country and in short supply are also exported to earn foreign exchange.

This results in shortage of these goods at home and causes inflation.

International trade as opportunity for workers essay

For example, India has been exporting sugar to earn foreign trade exchange; hence the exalting prices of sugar in the country. International trade gives an opportunity to foreign agents to settle down in the country which ultimately endangers its internal peace.

International trade breeds rivalries amongst nations due to competition in the foreign markets.Rapid trade growth may well act as a transmitter of economic stimulus around the globe and a vehicle of continued recovery, particularly if enhanced by additional efforts to reduce barriers and expand trading opportunities further.

This is not an example of the work written by our professional essay writers. You can view samples of our professional work here. Exchange of goods and services on an international level between two or more countries is stated as international trade.

Trade generally takes place between different companies it is of different goods and services. When is international trade an opportunity for workers? When is it a threat to workers? History of International Workers' Day Essay There is much to study on the history of International Workers' Day.

However, it was clear that it was born from the struggle for the eight-hour day. 'In , the. Introduction The globalisation of business and commerce has become an increasingly significant reality worldwide: in , the global trade in goods and services reached 25% of world GDP (Govidarajan & Gupta ), while in terms of manufactured goods, international trade has multiplied by more than times since (Schifferes ).

run by providing countries the opportunity for sustained economic development in Secondly, a better comparator is what workers would otherwise have earned had there international development and humanitarian issues and was founded in Its. International Trade quiz that tests what you know.

When one producer has a lower opportunity cost of production than another producer for a given item, what exists? It takes him 5 hours worth of work to harvest 1 pound of nuts. Farmer Rick also has a pistachio farm. It takes him 10 hours worth of work to harvest 1 pound of nuts.


Advantages and Disadvantages of International Trade