Question

2-3 PARAGRAPH RESPONSE PLEASE

When it comes to international trade and government intervention, which is a better policy for a country to adopt to enrich itself: free trade or protectionism?

Answer 1

We should facilitate the movement of goods and services between countries as much as possible. This approach is based on the premise that more trade is making us more prosperous which is a positive thing. It's called free trade.

Free trade is boosting the size of the whole economy. It allows for the more productive production of goods and services. This is because it promotes the development of products or services where they are ideally suited to natural resources , facilities, or skills and expertise. It increases productivity, which in the long run will lead to higher salaries. There is broad agreement that the rising global trade has increased economic growth in recent decades.
Fair trade would be beneficial for customers. It reduces costs by reducing tariffs and improving competition. There is also a possibility that greater competition will boost quality and preference. Many products wouldn't be available in the UK without trade

Reducing non-tariff barriers can eliminate bureaucracy and thus reduce the trading costs. When businesses operating in many countries have to operate with only one set of laws, their 'compliance' costs will decline. It will, in theory, make the goods and services cheaper.
Protectionism, by contrast, can lead to destructive trade wars that increase costs and uncertainty as each side tries to protect its own economy. Protectionist laws may continue to favor big business and corporate interests, as they have the most powerful lobbying tools.