Free World Trade

We clearly live in a changing world. Free trade offers us higher living standards, but like everything else in economics there are costs. Should the world engage in free trade? What are the benefits and potential costs? Carefully frame your answer, drawing upon your text and the resources given for the course. Please spend some time and thought on this….I am more concerned with your reasons than your conclusions.PROS and CONS: With increased travel and communications capability, the world is truly becoming "smaller." As technology increases, we are seeing a huge explosion in international trade and global enterprises. There are pros and cons to free world trade.....some of the most important are as follows: Pros: Increased productivity as countries specialize in products where they have a comparative advantage Improved relationships between countries who work together in trading goods Cons: Increased dependence on other nations Loss of jobs in countries as production of products/goods are outsourced to countries with the comparative advantage. In this week's posting you are asked to read the relevant chapters which discuss some of the pros and cons in more detail and make an argument for or against free world trade.