Economics and Government Essay Example | Topics and Well Written Essays - 1500 words

Economics and Government - Essay modelling much and more economies are opening themselves up for the unbosom and unrestricted condescension with partners from East and West. Countries similar China and India have benefited a lot from the free trade and a drive towards globalization. Over the head of time, countries like China has been able to dominate the world trade market with exporting their goods and services to different countries. Though the free trade offers important benefits to improve the overall scotch conditions of rich and poor countries however, it lot as well as serve as an important deterrent for war. Globalization and integration of economic interests of the countries make it relatively difficult for countries to fight with each other. The complex nature of international free trade and how the economic interests are intricate with each other make it extremely difficult for the countries to wage war against each other. This write up will argue and discuss that free trade stops war between countries. Globalization and at large(p) Trade Globalization has emerged as one of the most important forces of change during recent times. What started as an economic move to open the borders and allow free trade has now made inroads into other fabrics of the society also. More importantly, changes are being observed at socio-political level where smaller and developing countries are transitioning towards democracy and ameliorate economic performance. It is critical to note that globalization is really a diverse term and to define it fittingly may be a difficult task. Over the period of time, the explanations as well as the encounter of globalization has really widened. Globalization, initially focused upon ensuring developing mechanisms and processes which can be put in brand to allow nations to trade with each other with no or very restricted barriers to entry. (Chanda, 2007) As a result of this drive towards the free trade, many nations inc luding China and India benefited from open economies. Since developing countries are essential providers of stark(a) material and also possess cheesy labor therefore the overall benefit was perceived to be transferred to poor countries. Through globalization, poor countries were allowed to benefit from their raw materials and cheap labor sources. Apart from this, poor countries also benefited from the transfer of engineering science which took place due to globalization. Developed countries, in order to avail the benefit of cheap labor and raw materials actually helped transfer of technology to the poor countries to take advantage from the latest technology to manufacture goods in more efficient manner. (Escobar, 2006) one of the moves towards achieving the free trade and ensure further trade liberalization, World Trade Organization was founded. World Trade Organization or WTO is considered as the apex soundbox which formulates the rules of the game when it comes to trade betwe en the countries and also monitor the same. WTO not only creates the agreements which reduce the barriers to ensure free trade between the countries but also mediate the disputes between countries arising due to trade. (Moore and Lewis, 2009) The overall debate on free trade and what are its pros and cons actually are based upon two set of important arguments. One set of arguments is based upon the chaste arguments and other set of arguments is purely based upon the economic impacts of free trade. The moral set of arguments was based upon the assumption that the free