International Trade, An Alternative Approach - 927 Words

International trade makes up about a sixth of the total economic activity in the world and about $19 trillion worth of goods and services across international borders each year as said by Goldstein and Pevehouse. Levantian has the option to be apart of that statistic by participating in the trading market specifically free trade. Levantian would be able to succeed at free trade and come out better than if it did not foretake in free trade because of the benefits of free trade, helping stabilize the government in an economy liberalist fashion, and economical benifits. To devise an economic plan you first have to understand economic liberalism. According to Joshua Goldstein and Jon Pevehouse, â€Å"Economic liberalism, an alternative approach, generally shares with liberal internationalism a belief in the possibility of cooperation to realize common gains...It matters little to liberals whether one state gains more or less than another-just whether the state’s wealth is increasing in absolute gains† (164). The costs of participating in a global economy based on free trade is that there can be sanctions in placed and/or protectionism. Protectionism is the â€Å"protection of domestic industries from international competition† (Goldstein 170). Protectionism can be beneficial and costly. It can be costly because of nontariff barriers such as quotas, subsidies and regulations. Sanctions can be a cost if the are placed on you or with a state you trade with because they have sactionShow MoreRelatedAnalysis Of The Book Stiglitz A R ecipient Of The Nobel Prize Economics, And Andrew Charlton930 Words   |  4 Pagessolution to world trade problems – a solution that brings equilibrium to the trading relationships between the poorest and richest countries. The book contains an in-depth, college level understanding of fair trade and its theoretical applications on third world countries. With regards to theoretical applications, the book elaborates on the proposal, which is fair trade, and how it can initiate development in a country. 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