GMS 723 Chapter Notes - Chapter 1: Free Trade, Trade Bloc, North American Free Trade Agreement
17 Sep 2016
School
Department
Course
Professor
Document Summary
International trade: the exchange of goods and services across national boundaries. International trade is not a zero-sum game of winners and losers; it is a game in which everyone wins. The age of globalism has brought about worldwide distribution, the internet, satellite communications, and speedy transportation systems. National governments have a large stake in its outcome because this change affects their societies. As the process goes forward, the need for harmonizing interstate laws becomes more serious: therefore international trade cannot be a static process, and businesses that make products and attempt to sell them across borders must constantly adjust. Independent import/export business: an individual or company that acts as an international middleman: sells foreign-made products (imports), sells domestic (home country) products in other countries (exports), or does both. An import/export business often requires little capital investment for start-up and offers great opportunities to travel and work with clients from all over the world.
