6-1 Discussion: Foreign Trade

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oeraqbapebava1234

Economics

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David Ricardo was the first economist to elaborate the theory of comparative advantage in his book On the Principles of Political Economy and Taxation. Ricardo wrote:

Under a system of perfectly free commerce, each country naturally devotes its capital and labour to such employments as are most beneficial to each. This pursuit of individual advantage is admirably connected with the universal good of the whole . . . It is this principle, which determines that wine shall be made in France and Portugal, that corn shall be grown in America and Poland, and that hardware and other goods shall be manufactured in England. (1817, p. 188)

Read more at On the Principles of Political Economy and Taxation

Think about the 10-year historical period you chose for your final project. Identify trade policies of the time and discuss the following points:

  • What are the main goods and services the United States traded internationally?
  • What trade barriers were in place during that decade?
  • What are two pros and two cons of the trade barriers used?

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Discussion Rubric: Undergraduate Your active participation in the discussion topics is essential to your overall success this term. Discussion questions are designed to help you make meaningful connections between the course content and the larger concepts and goals of the course. These discussions offer you the opportunity to express your own thoughts, ask questions for clarification, and gain insight from your classmates’ responses and instructor’s guidance. Requirements for Discussion Topic Assignments Students are required to post one initial post and to follow up with at least two response posts for each discussion topic assignment. For your initial post (1), you must do the following:  Compose a post of one to two paragraphs.  In Module One, complete the initial post by Thursday at 11:59 p.m. Eastern Time.  In Modules Two through Eight, complete the initial post by Thursday at 11:59 p.m. of your local time zone.  Take into consideration material such as course content and other discussion topics from the current module and previous modules, when appropriate (make sure you are using proper citation methods for your discipline when referencing scholarly or popular resources). For your response posts (2), you must do the following:  Reply to at least two different classmates outside of your own initial post thread.  In Module One, complete the two response posts by Sunday at 11:59 p.m. Eastern Time.  In Modules Two through Eight, complete the two response posts by Sunday at 11:59 p.m. of your local time zone.  Demonstrate more depth and thought than simply stating that “I agree” or “You are wrong.” Guidance is provided for you in each discussion prompt. Rubric Critical Elements Comprehension Timeliness Exemplary (100%) Develops an initial post with an organized, clear point of view or idea using rich and significant detail Proficient (85%) Develops an initial post with a point of view or idea using adequate organization and detail Submits initial post on time Needs Improvement (55%) Develops an initial post with a point of view or idea but with some gaps in organization and detail Submits initial post one day late Not Evident (0%) Does not develop an initial post with an organized point of view or idea Value 40 Submits initial post two or more days late 10 Engagement Provides relevant and meaningful response posts with clarifying explanation and detail Provides relevant response posts with some explanation and detail Provides somewhat relevant response posts with some explanation and detail Provides response posts that are generic with little explanation or detail 30 Writing (Mechanics) Writes posts that are easily understood, clear, and concise using proper citation methods where applicable with no errors in citations Writes posts that are easily understood using proper citation methods where applicable with few errors in citations Writes posts that are understandable using proper citation methods where applicable with a number of errors in citations Writes posts that others are not able to understand and does not use proper citation methods where applicable 20 Total 100%
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Explanation & Answer

Attached.

Running head: FOREIGN TRADE

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Foreign Trade
Name
Institution

FOREIGN TRADE

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Foreign Trade

During the Korean War, there was an effect on the relations in the different countries
leading to the focus on the changes in the economic growth. There was increase in production in
the United States and this led to the increase in income and exchange of commodities such as
gold. The altering of the pattern of trade led to the focus on the private and th...


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