Assignment 1: Discussion—Government Role and Trading Blocks
Please answer all questions
While there are powerful economic arguments for international trade, countries do impose restrictions on international trade. At the same time, regional agreements form one method to reduce or eliminate such restrictions among countries signing the agreement.
Research government role in trade and trade agreements using your textbook, University online library resources, and the Internet. Respond to the following:
- Should governments promote or restrict international trade? Describe at least three ways in which countries can restrict trade. Irrespective of your answer, which position—promoting or restricting international trade—is most likely to find support as a national strategy? Why do governments commonly initiate policies that support both positions?
- Research one regional trading bloc of which the United States is a member. Describe when the bloc was constituted, which countries are currently members, and which products are included in agreements. What is the economic justification for this trade bloc? Do you agree with the U.S. involvement in this trading bloc? What does the U.S. gain or lose?
Write your response in 400 words or less. Apply current APA standards for writing style to your work. All written assignments and responses should follow APA rules for attributing sources.