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9 Cards in this Set
- Front
- Back
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Pro: Increases the w_____ c___________ p_________ |
Increases the world's consumption possiblities |
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Pro: L_____ p_____ (if firms are competitive) |
Lowers prices (if firms are competitive) |
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Pro: May p_______ w______ p_____ |
May promote world peace |
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Cons: "In______ In______" agrument |
Infant Industries argument |
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Cons: Free trade assumes a r____ re-e______ of displaced r_______ (people) |
Free trade assumes a rapid re-employment of displaced resources (people) |
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Cons: C______ d_____ |
Cultural disruption |
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Cons: Loss of s___-s________ |
Loss of self-sufficiency |
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Cons: Creates an i________ of power between c______ and l_____ |
Creates an inbalance of power between capital and labor |
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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. |
