1. Determine if the benefits of free trade outweigh the drawbacks, and what coul
ID: 1242289 • Letter: 1
Question
1. Determine if the benefits of free trade outweigh the drawbacks, and what could be done to address the drawbacks (if anything). State whether you believe fair trade is a fad or a trend. Provide support for your reasons. 2 Select an industry of your choice and determine how ethical behavior and social responsibility could benefit such an industry. Give specific examples to support your response. Determine where corporate responsibility ends and personal responsibility begins. Give examples of at least three industries to illustrate your response.Explanation / Answer
1) Everything has its pros and cons, and free trade is no exception. While the advocates of free trade policy are of the opinion that its benefits outweigh its disadvantages with ease, critics don't seem to be impressed by these arguments. [ Given below is a list of benefits of free trade zones in the economy owing to which this trade policy has garnered so much support all over the world. The most prominent benefit is perhaps the fact that reducing trade barriers will result in a boost in international trade. Other than international trade, free trade also boosts business competition, and such healthy competition will make traders put in more efforts to perform well. Other than improving the quality of products, the competition in free trade will also bring down the price of goods and turn out to be beneficial for the consumers. For consumers, free trade will also mean freedom of choice as they will have more options to choose from. The traders will be benefited by the fact that they will have a larger market at the disposal, owing to which they will be able to sell more goods. It gives all the nations a comparative advantage - wherein countries only produce those goods in which they are specialized and export them, while importing other goods from rest of the countries. It results in proper allocation of resources - wherein a country with some products in excess can trade the same with products in which they have a deficit. It also triggers efficient production, as producers pitch for effective use of available raw material. Free trade will also help in doing away with the protectionist government policies which are believed to be a heaven for corrupt politicians and bureaucrats. The economic growth brought about by free trade tends to create more jobs, more jobs result in more expenditure, more expenditure results in more demand and more demand results in more production - which again result in creation of more jobs - in short free trade has the tendency to set the economy rolling. 2) Ethical behaviour is characterized by honesty, fairness and equity in interpersonal, professional and academic relationships and in research and scholarly activities. [ Ethical behaviour respects the dignity, diversity and rights of individuals and groups of people. ] 3) Corporate Responsibility mission is to positively impact our people, our products and our planet by playing responsibly. [ This commitment resonates in our actions and through our company values each and every day, as we: Play Fair by continually encouraging the Mattel organization to align decision-making with the company's values. Play Together by working with employees, partners, vendors and regulators to bring the world safe toys that grown-ups trust and children love. Play to Grow by committing to a sustainable future through efforts to work smarter and reduce our impact on the environment. Play with Passion by volunteering in our communities and helping underserved children experience the joy of play. ]
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