Studying Trade and Comparative Advantage Economics Discussion

Studying Trade and Comparative Advantage Economics Discussion

Instructions/Descriptions

Studying Trade and Comparative Advantage Economics Discussion

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We are studying trade and comparative advantage. The economic model and concept conclude that both parties (or countries) benefit from trade. The global market, the global economy, likes to trade!

Objective

Conduct a normative debate and learn about different perspectives from others’ responses. In this dialogue you are part of a ‘familiar’ (= team).

Analyze recent data and current events as they relate to trade relations (in particular between China and the USA). Other examples from different countries are also welcome.

In Your Personal Life

On a more personal level: This would also explain why we like to enter into relationships (and marriage), or friendships in general. We feel that we benefit from mutual understanding, mutual assistance, combining or exchanging resources, and mutual support by recognizing that we all have different strengths and talents. Often, we admire certain qualities in other people and enjoy being friends with them, perhaps learn from them.

The Importance of Public Policy

Under the Trump administration tariffs (extra taxes) were placed on Chinese goods that we import. China is one of the USA’s main trading partners, and the world’s second largest economy (on track to overtake the US at some point relatively soon). Overall, the previous administration was trying to work against free trade, to implement trade barriers (= tariffs), and promote protectionism of its own manufacturing (“America First”).

Instructions

1. Based on data, evidence, or a case study (example): Should we have trade barriers between countries (= tariffs)?  Especially, as a free market, why does the US impose tariffs with China, and other countries as well (such as the EU)? I am attaching an article from the ‘economist’ magazine that includes a graph on the quantity of imports and exports with China (it is on the last page of the article). Please read, and also feel free to also consult other sources.
2. How has the pandemic impacted trade relations? Here is an interesting article about delays on California’s ports. (Links to an external site.)

Your response should be thoughtful and based on data, a case study (example), or other scientific evidence, and about 500 words minimum.

Like before, you must post first to see other responses. (I can only grade your first post, and there should be at least two responses to other students’ posts.

I hope you enjoy thinking, reflecting and researching about this topic. The Biden administration is shifting their policies with respect to trade.

Studying Trade and Comparative Advantage Economics Discussion

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