As economies continue to prosper, some claim that countries should be entitled to exchange goods with other countries without governmental restrictions. While quotas should be imposed in certain circumstances, I believe countries should enjoy greater freedom in trade.
One primary reason governments should exercise trade regulations is protecting the domestic market. When manufacturers trade as much as they want, the influx of products might harm internal economy by bothering costs. This might result in price rise or even economic fluctuations, a situation where consumers receive the hardest hit. Unregulated markets in countries like the Netherlands and Turkmenistan exemplify this, where fluctuating costs pose a burden to customers, ultimately hindering economic prosperity.
Despite such concerns, I contend that trade limitations should be minimized to boost revenue. While safeguarding measures are essential in certain occasions, their existence sometimes impede the spread of local products that might be profitable in other countries. This is further exacerbated by quotas, due to which businesses cannot import products sufficient for their needs. Thus, facilitating trade barriers is pivotal for local enterprises, since they should reach foreign markets and eventually pay taxes that are critical for forming governmental budget. A good case in point is Malaysia, where the elimination of trade restrictions has led to significant Gross Domestic Product (GDP) boost.
Equally essential is free trade. When governments strictly control sales figures or all enterprises, they might struggle to expand and enjoy their trade rights. This limited operation ultimately leads to economic stagnation, as businesses do not generate adequate revenue both internally and externally. Therefore, governments should seek remedies to facilitate trade barriers or join the World Trade Organization (WTO) so that their markets join the global economy. According to statistics provided by this organization, both developing and developed countries were able to increase their GDP and reduce poverty levels, urging the remaining nations to join trade exchange.
In summary, trade is a complex phenomenon where the implementation of limits is always debated. While acknowledging the benefits of trade restrictions, I assert greater freedom is still necessary for countries to prosper.
Word count: 344
#classwork
One primary reason governments should exercise trade regulations is protecting the domestic market. When manufacturers trade as much as they want, the influx of products might harm internal economy by bothering costs. This might result in price rise or even economic fluctuations, a situation where consumers receive the hardest hit. Unregulated markets in countries like the Netherlands and Turkmenistan exemplify this, where fluctuating costs pose a burden to customers, ultimately hindering economic prosperity.
Despite such concerns, I contend that trade limitations should be minimized to boost revenue. While safeguarding measures are essential in certain occasions, their existence sometimes impede the spread of local products that might be profitable in other countries. This is further exacerbated by quotas, due to which businesses cannot import products sufficient for their needs. Thus, facilitating trade barriers is pivotal for local enterprises, since they should reach foreign markets and eventually pay taxes that are critical for forming governmental budget. A good case in point is Malaysia, where the elimination of trade restrictions has led to significant Gross Domestic Product (GDP) boost.
Equally essential is free trade. When governments strictly control sales figures or all enterprises, they might struggle to expand and enjoy their trade rights. This limited operation ultimately leads to economic stagnation, as businesses do not generate adequate revenue both internally and externally. Therefore, governments should seek remedies to facilitate trade barriers or join the World Trade Organization (WTO) so that their markets join the global economy. According to statistics provided by this organization, both developing and developed countries were able to increase their GDP and reduce poverty levels, urging the remaining nations to join trade exchange.
In summary, trade is a complex phenomenon where the implementation of limits is always debated. While acknowledging the benefits of trade restrictions, I assert greater freedom is still necessary for countries to prosper.
Word count: 344
#classwork
9,9,9,9