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| Topic: |
Business
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| Number of pages / Number of words: |
14 / 3777 |
Essay's paper body
Producing in closed economies would result in a total of 194 shoes and 144 programs. If trade is introduced, and the U.S. made all programs and China made all shoes, there would be 200 shoes and 160 programs. Thus, the standard of living in the world is increased with no additional work.
Many are concerned, however, that globalization and free trade are detrimental to the US economy, claiming it lowers our standard of living and causes fewer and lower paying jobs...
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There is no shortage of outcry that cheaper imports such as textiles from Indonesia or appliances and other manufactures from China are causing a destruction of U.S. jobs and leading to a decline in the economic prospects of the U.S.
This can be addressed looking at both economic theory and empirical evidence...
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