Aquaculture created the comparative advantage that led to shrimp mass production and global trade that diminished the domestic shrimp industry.
Looking at tires, fashion and NAFTA, we can see the lost jobs opposition to free trade and the pro free trade response.
Although pacts like the TPP are politically controversial, economists have supported free trade since David Ricardo explained comparative advantage,
More than its low labor costs, Mexico is attracting car manufacturers away from the U.S. because it has free trade agreements with more than 40 countries.
Like a dysfunctional family with members who dislike each other, the EU stays together because of the benefits of David Ricardo’s comparative advantage.
Embargoing goods from countries that imposed sanctions, Russia included McDonald’s and ignored the benefits of David Ricardo’s comparative advantage.
While the uniforms, boots and other items worn by the military are supposed to be 100% “Made in the USA,” exceptions are okay if we cannot make what they need. Athletic shoes became one of those exceptions when the Defense…
I suspect that my new LG washing machine was more expensive than it should have been. Made by a South Korean firm, this washing machine (and others like it) was the target of a complaint that Whirlpool filed with the US Department…