It Is Argued That the United States Would Be Foolish

question 53

Essay

It is argued that the United States would be foolish to maintain a free-trade stance in a world in which all other countries exploit child or prisoner labor, or are protectionist. On the other hand, Ricardo's classic demonstration of the sources and effects of comparative advantage cogently demonstrates that regardless of other country policy, free trade remains the first best policy for a country to follow, since it will maximize its consumption possibilities (conditional upon other country policies). Explain. Discuss the contradiction with the argument in the preceding paragraph.

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Definitions:

Default Value

A predefined setting or value automatically assigned to a software application, computer program, or device, typically operational until changed by the user.

Sclerenchyma

A type of plant tissue composed of thick-walled, dead cells that provide structural support.

Meristems

Regions of plant growth where undifferentiated cells continue to divide and contribute to the formation of new organs.

Trichomes

Hairlike outgrowths on the epidermis of plants that serve various functions, including defense against pests and protection from excessive transpiration.