Trade Globalization and the US Economy

  • Anthony Elson


This chapter examines the costs and benefits of trade integration for the US economy. The economic arguments in favor of trade liberalization are first reviewed in order to identify the particular assumptions and mechanisms by which it provides both benefits and costs for trading partners. The critical role of government policy in facilitating labor market adjustments for those workers adversely affected by trade developments is also discussed. Three case studies of important trade issues for the US economy are examined: (1) the economic impact of trade opening with China since the beginning of the current century; (2) the expected benefits of the Trans-Pacific Partnership, had it been adopted by the United States; and (3) the effects of NAFTA on domestic output and employment.


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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Anthony Elson
    • 1
  1. 1.School of Advanced International StudiesJohns Hopkins UniversityWashington, DCUSA

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