Simon Sarevski

Globalization: a curse or a blessing?

September 14, 2023

Basic Economics

As it turns out, in any form it takes, trade involves a double-thank-you, so to speak. This has become ever clearer since David Ricardo presented the idea of comparative advantage. Put simply, in situations where one of the trading parties involved holds an (absolute) advantage in producing traded goods, both parties should produce what they are better at and, further down the line, trade with each other. This way both parties will benefit, more so than if the trade never took place — something seemingly rather easy to understand, but ironically something that the politicians of today