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Essay / United States Trade Policy: Current and Future Role in...
The United States has been involved in the growing global economy for more than two centuries. While the United States after the Revolutionary War sought protection from outside influences, since the Great Depression and World War II it has sought to break down trade restrictions. The role of the United States in the global economy grew throughout the 20th century, and following several historical events, it adopted both beneficent and dependent positions. U.S. trade policy has shifted over time from isolationist protectionism to a commitment to global free trade. The free trade enterprise has grown and expanded through organizations such as the WTO and NAFTA. In order to realize its desires for free trade, the United States has implemented a number of policies that can be examined for both their benefits and their flaws. Several trade policies exist as options for the United States, among which fair trade and free trade policies dominate the global economic market. To achieve economic growth, the United States has a duty to maintain a global trade policy that benefits both domestic workers and industry. While free trade provides opportunities for big industries and wealthy investors, the American worker suffers job instability and lower wages. However, fair trade policies that protect American workers do not help foster broad-based economic growth. The United States must then commit to economic and trade policies that both protect the founding principles of the United States and ensure greater economic stability for tomorrow. The United States' free trade agenda includes policies that aim to eliminate all trade restrictions and quotas. The benefits of free trade are manifested through domestic markets and the growth of the global economy. T...... middle of document ......system primarily responsible for promoting global competition. Free trade also promotes changes in production to accommodate the “comparative advantage” model. Although free trade is widely practiced, countries must submit to the controversial institutions of the IMF and the WTO. Fair trade policies, while potentially creating smaller markets, support workers' rights in the United States and developing countries. Although the pros and cons of globalization continue to be debated, the United States can no longer escape its role in the global economy or impose policies detrimental to America's founding ideals. However, policies that promote the benefits of free and fair trade could stimulate a healthy national economy that is competitive in the global market...