International Trade
Group activity:
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The best way to understand economic interdependence is the classic pamphlet I, Pencil.
Here is a great article showing the economic interdependence required to produce the Pfizer vaccine:
a medicine with 280 different components, manufactured in 86 different sites across 19 countries, driven partly by the research of a son and daughter of Turkish migrants to Germany. That’s globalization in a needle
This guy attempted to make a sandwich from scratch. It cost $1500 and took 3 months. It’s remarkable how cheap and plentiful sandwiches are, due to an extended global supply chain and division of labou.
This video shows the history of globalisation through some important maps:
Here we use basic demand and supply analysis to look at the welfare effects of trade intervention:
This page ties into Chapter 10 of Economics: A Complete Guide for Business
| Learning Objectives: Estimate the welfare effects of trade intervention
Focus on diversity: Deepak Lal is one of the most famous advocates of open trade policies. He was also a known skeptic of development economics. He passed away in 2020. |