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Trade Treaties and Deglobalization

Christopher Warburton

Applied Econometrics and International Development, 2017, vol. 17, issue 1, 71-88

Abstract: The central issue in this paper is whether technological innovation and international trade can spur economic growth and sustainable development within a structured environment of trade agreements. By analyzing historical precedents of the United States and data on trade imbalances, innovation, dynamic comparative advantage, weighted exchange rates, poverty, and wages, the evidence suggests that freer international trade very often has a greater potential for increasing welfare and sustainable development, although a few exceptions hold when free trade implies unfair trade, diminution of industrial production per head and strong trade deficits. Implicitly, exports must be strongly encouraged when wages are stagnant, poverty is substantial, production costs are low, and disposable income is insufficient to substantially absorb domestic production. On the other hand, trade imports have positive effects on domestic market when they increase production, productivity and income per head.

Keywords: Dynamic Comparative Advantage; Free Trade Area; Globalization; Trade Weighted Dollar; Trade Law; Renewable Energy; and Sustainable Development; American Economy. (search for similar items in EconPapers)
JEL-codes: F13 F15 F18 F31 K33 O13 O24 O44 O51 (search for similar items in EconPapers)
Date: 2017
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