TRADE

COURSE IS INTERNATIONAL BUSINESS

Summary:
Free trade has long been one of the more unifying concepts among economists. In fact, with respect to the title above, unfettered trade is actually believed to more than pay for itself: It is the free lunch that in almost any other context in economics does not exist (Ehrenberg, 2019, para 1).
Trade and globalization have provided undeniable economic benefits for the vast majority of American families, businesses, and workers (Lincicome, 2019, para 2).
What is not always entirely clear is how free trade can better show some of the short-run dislocations that often need to be dealt with en route to the long-term gains. In short, the cheaper DVD players or cars we might get by shifting production from the U.S. to, say, Korea doesn’t look like such a great deal to unemployed U.S. electronics or auto workers (Ehrenberg, 2019, para 2).
Defenders of free trade also have to contend with populist politicians and well-financed opponents who find foreign workers and firms easy scapegoats for domestic economic woes. Worst of all, economists may be fundamentally misunderstanding what most people value in the economy. These are hard problems to solve. Governments should do more to help those hurt by trade, but building the necessary political coalitions to do so is tricky (Blinder, 2019, para 3).
We must always take heed that we buy no more of strangers than we sell them, for so we should impoverish ourselves and enrich them. Those words, written in 1549 and attributed to the English diplomat Sir Thomas Smith, are one of the earliest known expressions of what came to be called mercantilism. Update the language, and they could easily have been tweeted by U.S. President Donald Trump, the most prominent mercantilist of today. Trump believesor at least saysthat the United States loses when it runs trade deficits with other countries. Many Americans seem to agree.
Ehrenberg, R. (2019). Modern Labor Economics: Theory and Public Policy, Global Edition.
http://wps.pearson.co.uk. Accessed 17 Oct 2019.
Lincicome, s. (2019). Cato Institute. [online] Cato Institute. Available at: https://www.cato.org/publications/commentary/case-free-trade [Accessed 27 Oct. 2019].
Blinder, A. (2019). The Free-Trade Paradox. [online] Foreign Affairs. Available at: https://www.foreignaffairs.com/articles/2018-12-11/free-trade-paradox [Accessed 17 Oct. 2019].
Are we entering a new period of mercantilism? Is it the same as protectionism?
Is China responsible for our current trade policy?
You have just been appointed Director-General of the World Trade Organization, what advice would you give President Trump?
It is not sufficient to state your opinions; you must be able to:
demonstrate your understanding of the case study information by accurately explaining the relevant concepts
use the facts listed in the case study and the concepts in the textbook to draw your own conclusions
demonstrate exceptional critical thinking skills
conduct research using the GMC Library
apply the relevant concepts from the textbook chapters to the case study correctly
include facts from the case study to support your own position
Through writing this case study, you will be required to demonstrate a knowledge of how to relate case study data/findings to international business concepts, how to conduct research, and how to properly cite sources using APA formatting guidelines. You will be responsible for using a minimum of 2 scholarly/peer reviewed sources. Textbooks are not considered a scholarly/peer reviewed source; however, they may still be included as a supplemental reference.
Your case study is to be a minimum of 3 complete pages in length. Going over the minimum page length requirement is acceptable; however, I am not looking for a 10+ page case study.

For this course, you will submit the graded activity using Turnitin.
General APA Formatting Guidelines:
The case study should have an APA title page and an APA reference page. The APA title page and APA reference page DO NOT count towards the minimum page requirement! Your body of work needs to be a minimum of 3 complete pages in length. Note that an APA abstract page is NOT required!
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