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– Nelson Mandela

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Q The global economy is heavily dependent on trade after decades of growth helped by GATT/WTO, NAFTA, the EU, and many other trade promotion organizations. Is trade a net positive for most people? Why or why not? Who benefits or loses the most? Use statistics to support your assertions.

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The global economy is heavily dependent on trade after decades of growth helped by GATT/WTO, NAFTA, the EU, and many other trade promotion organizations. As per the findings of the economists by considering the profit and loss or winning and losing in trade, it is a net benefit for the society and the global economy. In another word, it can say that the benefits outweigh the cost (Beetsma, Giuliodori, & Klaassen, 2008). It is a fact that in the case of trade cost is more visible than benefits, but it benefits the economy of every country the nation. If the trade is not properly completed then the business or industry is shut down, so without trade, no business or industry can run (Beetsma, Giuliodori, & Klaassen, 2008).