Peter Webster Chapter 12 Q 6

It is interesting how trade is so good for some people, but bad for others. Wheelan says, "Trade makes the most efficient use of the world's scarce resources." Then the next line he says, "Trade creates losers." It is good for everyone because people on opposite sides of the earth get new ideas, better things, and higher quality things. In lower class countries work can be one dollar an hour as opposed to over in the US where the minimum wage is much higher than that. This is good and bad. It's good because the world gets things for a low price, and they can get a lot of things. It is bad because people like the couple at the Levi's plant we saw in class lose their job because they are getting paid 10 times as much as those in poor countries who are doing just as efficient work. Some of those people never get another job, some get better jobs than before. But overall trade is good for everyone.