From the course: The Undercover Economist: The Economics behind Everyday Decisions (Blinkist Summary)
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International trade
From the course: The Undercover Economist: The Economics behind Everyday Decisions (Blinkist Summary)
International trade
- Blink number seven. Poor countries can thrive if they open their markets to international trade. They're many examples of once poor countries that are now wealthy. Think for example, of Taiwan and South Korea. History has shown that the key to their success lay in opening their borders to international trade. The economic growth is because it's far more efficient to engage in international trade than trying to stay self-sufficient. Protectionists dances toward trade, in which imports are forbidden in order to support domestic trade, ultimately cripple a country's exporting industries as other countries will immediately stop importing goods to them in response. Doing the opposite and opening up to international trade can allow countries to take full advantage of the vast and varied global market. For example, it took mere decades for South Korea to become a wealthy nation after opening itself up to the world market.…
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