Principles of Microeconomics / Unit 16 MIC 1501 short lesson, about 20 seconds
Trade as Mutual Gain
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The idea
Trade is mutually beneficial exchange, not a contest with a winner. Exports reached about a tenth of world output by nineteen thirteen, collapsed through two wars and the thirties, and regained that weight only in the eighties.
In practice
Two rival firms can be each other's largest supplier and competitor.
Where people slip
Openness is reversible; it is a policy choice, and it has been reversed before.
Your place on the trail
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