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identify how this trade model has influenced the prospects of the u s domestic produ 602759

Trade protectionism and tariffs were a way of protecting the established economic elite in England in the early 1800s (1815 to 1846) as exemplified by the Corn Laws. Meanwhile, movements toward free trade create winners and losers.

Freer trade increases the size and extent of what was solely a domestic market and therefore increases the advantages of specialization for both companies and labor. Consumers benefit from a greater variety of goods at a lower price. Producers of low cost/high reward goods benefit by exporting abroad. Losers are high cost/low reward domestic producers.

a. Identify how this trade model has influenced the prospects of the U.S. domestic producers of textiles, furniture, automobiles, and automobile parts since the signing of NAFTA and Chinese ascension to the WTO.

b. Identify the benefits to the American consumer in terms of lower prices/better quality/broader choices over the last 30 years.

c. Identify how many of the S&P 500 firms earn over 30 percent of their earnings from abroad. What does that tell you about the globalization of business today? What impact would you see if there was a serious attempt to reduce/limit trade on a global scale by imposing a Smoot-Hawley type of tariff law today?

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