How would the world be if international trade were outlawed?
Answer:
nasty, brutish and short
bananas, clothes, shoes, gum, rubber
As I sit here in my office, I can't see a thing that was US made, except for the building itself, and maybe the paper.
Outlawing International Trade. What a great idea.
Well, small countries would suffer enormously. So much that they would join with larger ones or be taken over by them.
The United States would immediately claim the Middle East, China would invade Russia. It would be the 19th century all over again.
Large economies like The US, China, India would survive relatively well off, but inflation would skyrocket and wages would rise until people started working again.
Apart from the fact that consumers would suffer from a lack of choice for example you wouldnt be able to buy greek cheese if you lived in the states because its patented and only greeks can produce it, the problem of scarcity of resources would be perpetuated.
Lets say you have 100 resources and now you are producing 4 goods you have enough to sustain your economy and your resources will end up lasting longer than if you had to spread them over 100 goods. Self sufficiency is impossible and if possible extremely expensive in terms of the resources it needs which makes it very undesirable.
Well if it happened quickly the U. S. would slip back in time to slightly better than the stone age. Almost everything we consume except bread, water, and some grocery's are made, manufactured, mined, or drilled overseas.
Items:
food products
clothes
autos
electronics
household goods & appliences
oil & products produced from oil.
the list is almost endless.
The answers post by the user, for information only, FunQA.com does not guarantee the right.
More Questions and Answers: