DEVS 100 Lecture 21: Week 11: What is Trade
22 Nov 2016
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Week 11: buying and selling goods, imports and exports between countries. Growth of global trade: huge part of our lives: sevenfold over 30 years, grew twice as fast as gdp. Container ships: reduced cost of transporting goods: technology of shipping has transformed the pace around the world. Most of what we have is imported. Free(er) trade: state still has regulations in place over things: regulations in place to place, trade agreements: ceta, nafta. Countries specialize in products: uk and industrialization, countries cannot product everything, therefore they have things imported, countries make a profit off of the things they are best at by exporting them, specialization. Benefits everyone by buying the things that they are bad at and selling the things. Benefits of specialization they are best at: lowers prices of goods: a country specializing in growing fruit can export it.
