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International Economics Name of the Student Name

   

Added on  2020-05-04

9 Pages1351 Words29 Views
EconomicsPolitical Science
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Running head: INTERNATIONAL ECONOMICS International EconomicsName of the StudentName of the UniversityAuthor Note
International Economics Name of the Student Name_1

1INTERNATIONAL ECONOMICS Table of ContentsAnswer 1:.........................................................................................................................................2Answer 2:.........................................................................................................................................2Answer 3:.........................................................................................................................................4References........................................................................................................................................7
International Economics Name of the Student Name_2

2INTERNATIONAL ECONOMICS Answer 1: Along with economic, social and welfare aspects, there are political perspectives alsoregarding the pros and cons of free trade in the international framework. There are politicalarguments both in favor of as well against free trade. The political arguments which exist in theinternational scenario in favor of free trade primarily suggests that it can be beneficial for thewell being of the residents of a country as a whole if there is political commitment on part of thecountry to free trade (Mansfield & Milner, 2012). This is because in the absence of free trade,though imposition of tariff and other trade restrictions and export subsidies can benefit somesectors apparently, however, in practice, often these steps go in favor of several interest groups.This in turn works towards economically benefitting the sectors, which are politically influentialby diverting the advantages of these restrictions to those sectors. There has been mixed responses and outcomes regarding the above-discussed politicalargument for free trade. While some countries, especially the developed ones have benefittedfrom free trade, which actually increased the overall wellbeing of the people and headed for amore equitable income distribution, in many low developed and poor countries free tradeactually aggravated the problem of poverty and class based inequality in income (Hillman,2013). Answer 2: In the contemporary global economic scenario, China and India are evidently emergingas the new economic giants for the near future era, with both the countries showing growth
International Economics Name of the Student Name_3

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