Your textbook does mention that there is some backlash against globalization on
ID: 1132063 • Letter: Y
Question
Your textbook does mention that there is some backlash against globalization on pages 9 and 10. However, events are moving quickly. Even though the text was revised in 2017 two major news stories involving a backlash on globalization are not mentioned--Brexit and President's Trump's "Make America Great Again" movement. If you do not know the background of these, take a few minutes and research them on the internet.
Give two major reasons why you think these two backlash movements against globalization are gaining support in their respective countries. What are three major reasons given by those opposed to separating from the European Union or NAFTA?
What is the validity of the major points for and against making closer economic ties regardless of country.
Explanation / Answer
The two reasons are growing unemployment of labour in developed capital abundant countries and lack of economic knowledge about benefits of trade
The three reasons are - most of the economists have proved trade is beneficial for growth, it protects investors by creating rights for the investors and increases investments
2 The validity in favour of trade and closer ties have been proved by irrefutable laws and theorems of economics like law of comparative advantage, H-O theorems. Other arguments against trade are simply wrong. According to stopler Samuelson and other theorems labour cab be B covpenated by appropriate income redistribution among labourers
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