Economics & Technology

To better understand the link between technology and international trade it is important to have basic knowledge of the economic principles and theories surrounding international trade. When looking at international trade there are two distinct view points. One is the idea of free trade which toutes that "Free trade has the potientail to make everyone better off (with the assumption of income distrubution)." The other is protectionism which states that "Protectionism is a neccessary and disariable economic tool that can increase a countries economic well being under certain circumstances." Both arguments have promanet supporters and detractors as well as legitament supporting principles. The differing view points occur in part due to the fact that booth arguments relay on assumptions that may often be contridictory. We will first further expolre the concept of international trade and then examine what role technology plays in the economic well being of a nation in a free trade enviornment.