1. Globalization and Development
Less obviously, even a country that is not the best in the world at making anything can benefit from free trade because it allows them to devote their resources to whatever it is that they are relatively good at and buy in everything else. ... For example, a car could be designed in Germany, the car's silicon chips made in South Korea and the assembly of larger electronic components done in Malaysia, mechanical parts made in Mexico, the main car assembly done in Eastern Europe and the marketing, distribution and retail responsibilities going back to Germany. ...
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- Approx Pages: 29
- Grade Level: Graduate