Specialization, availability of resources, competitive advantages, and economies of scale lead to many benefits of trade.
We will talk about Adam Smith's pin factory example, advantages in trading and within industries, and benefits from trade.Edit Remove Move
ECONOMISTS are usually accused of three sins: an inability to agree among themselves; stating the obvious; and giving bad advice. In the field of international trade, they would be right to plead not guilty to all three. If there is one proposition with which virtually all economists agree, it is that free trade is almost always better than protection.Edit Remove Move
Once upon a time, Pete and Pamela Palmer of New York, NY were sailing alone on their South Seas honeymoon. Alarmed at a suddenly darkening sky, the Palmers tried to steer their small craft homeward, but it was too late. The Palmers found themselves in the middle of a terrible tropical storm.Edit Remove Move
Trade, on the surface, seems simple. You have something I want and I have something you want. So we trade and both of us are better off. Yet, the deepest power of trade is hidden. The unseen side of trade is its impact on how we use our time and the wages we earn.Edit Remove Move
The United States is the world's largest economy and the largest exporter and importer of goods and services. Trade is critical to America's prosperity - fueling economic growth, supporting good jobs at home, raising living standards and helping Americans provide for their families with affordable goods and services.Edit Remove Move
A look at the benefits of trade to developing nationsEdit Remove Move
Each Monday, this column turns a page in history to explore the discoveries, events and people that continue to affect the history being made today. You've got the gold I need for my necklace and I've got the silk you need for your robe. What to do?Edit Remove Move