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    The document summarizes key points from a Hoover Institution discussion on international trade by Michael Porter including: 1) Free trade increases economic growth by providing access to cheaper goods from around the world and lowering prices for consumers. 2) Adam Smith argued that exceptions to free trade could be made to defend a nation. 3) Major events in the development of global trade included the rise of steamships, falling trade after WWI, rising trade after WWII with the UN and Bretton Woods, and China's liberalization in the 1970s. 4) The US and China are now seeing a disintegration in relations which represents an inflection point in global trade.

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    The document summarizes key points from a Hoover Institution discussion on international trade by Michael Porter including: 1) Free trade increases economic growth by providing access to cheaper goods from around the world and lowering prices for consumers. 2) Adam Smith argued that exceptions to free trade could be made to defend a nation. 3) Major events in the development of global trade included the rise of steamships, falling trade after WWI, rising trade after WWII with the UN and Bretton Woods, and China's liberalization in the 1970s. 4) The US and China are now seeing a disintegration in relations which represents an inflection point in global trade.

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    6 views2 pages

    Hoover Institution - International Trade

    Uploaded by

    ngothitramy1202
    The document summarizes key points from a Hoover Institution discussion on international trade by Michael Porter including: 1) Free trade increases economic growth by providing access to cheaper goods from around the world and lowering prices for consumers. 2) Adam Smith argued that exceptions to free trade could be made to defend a nation. 3) Major events in the development of global trade included the rise of steamships, falling trade after WWI, rising trade after WWII with the UN and Bretton Woods, and China's liberalization in the 1970s. 4) The US and China are now seeing a disintegration in relations which represents an inflection point in global trade.

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    Name: Ngo Thi Tra My (Tiffany)

    BBB4M International Business

    April 20, 2020

    Mr. Olsen

    Hoover Institution: International trade


    ______________________________________________________________________________
    Michael Porter

    1. What are the benefits of free trade?


     Increase economic growth
     Cheaper
     Access to more goods
     Lower prices

    2. What does Adam Smith argue about the exceptions to free trade?
    Defense of the nation
    3. What does autarkic mean?
    Self-sufficiency, no trade

    4. What are some of the major events in the development of global trade?
    Phase 1: Steamship
    Phase 2: Falling after WWI (Smoot-Halley Tariffs)
    Phase 3: Rising world trade after WWII (UN, Bretton Woods, IMF)
    Phase 4: China’s liberalization (1970s)
    Phase 5: 1970s onwards digital integration
    5. What is the inflection point we are now seeing?
    U.S China are disintegrating

    6. What are the benefits of free trade for the West?

    7. What happened to those counties most exposed to free trade in the study?

    8. What is Peter Navarro’s argument?

    9. What is the case for protectionism in the USA?


    10. Why are jobs leaving the USA?

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