Most liberals are enthusiastic about the economics of the free market. ... Liberals argue that trade benefits everyone because it helps people concentrate on what they are best at (the formal version of this argument is the theory of ˜comparative advantage'). ... Globalization has helped to reduce transport and transaction costs so the potential gains from specialization are increased. ... The internationalization of economic activity in Europe first took off in the fifteenth and sixteenth centuries, with the development of new shipping technology that led to Spanish colonization ...

• Word Count: 7309
• Approx Pages: 29
• Grade Level: Graduate