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Essay / Research Paper Abstract
This 7 page paper considers the statement “It has been argued by economists that globalisation is merely an extension of the practice of international trade”. The paper starts by looking at international trade and international trade theory and then considers the concept of globalisation in order to assess to what extent globalisation can be seen as an extension of international trade. The bibliography cites 8 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEglointer.rtf
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Unformatted sample text from the term paper:
to see how and why this perspective can be formed with some very persuasive arguments. However it may also be argued that this is not fully correct as it may
be argued that international trade and globalisation have some major differences as well as similarities. To consider the perspective that globalisation is an extension of international trade we need
to consider theories of international trade and then consider how they can be applied to globalisation. With Adam Smith we see the
foundations of what was to become the theory of comparative advantage1 that is often used to explain international trade and globalisation. Smith stipulates that each nations should concentrate on producing
goods where they have the absolute advantage (Thompson, 2005, Smith 1994). This means that they should produces the goods that they can produce in a more effective manner than any
other nation. Conversely, in international trade they should also import any commodity where they have the absolute disadvantage, that is where they
can only produce the commodity at a high cost than any other nation. For example, if one country can produce 100 tones of coal for the same cost as 200
tones of potatoes, and one can produce 100 of potatoes for the same cost to resources as 200 tones of coal, each country should produce the commodity that has the
lowest cost and then trade for what it needs. In this way resources are maximized through the comparative advantages. However, this model
is very simple, and in reality there are many nations trading many goods, and the development of trade has not followed this model (Seyoum, 1999). In many cases a country
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