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9 Cards in this Set

  • Front
  • Back

Pro: Increases the w_____ c___________ p_________

Increases the world's consumption possiblities

Pro: L_____ p_____ (if firms are competitive)

Lowers prices (if firms are competitive)

Pro: May p_______ w______ p_____

May promote world peace

Cons: "In______ In______" agrument

Infant Industries argument

Cons: Free trade assumes a r____ re-e______ of displaced r_______ (people)

Free trade assumes a rapid re-employment of displaced resources (people)

Cons: C______ d_____

Cultural disruption

Cons: Loss of s___-s________

Loss of self-sufficiency

Cons: Creates an i________ of power between c______ and l_____

Creates an inbalance of power between capital and labor

Cons: "the r___ to the b_____" which states: ?

"the race to the bottom"

If countries with high standards (H) trade with countries with low standards (L), then H's standards will be driven down to the standards of L.