The optimist says, “The glass is half full.” The pessimist says, “The glass is half empty.” The rationalist says, “This glass is twice as big as it needs to be.” I will stick to facts and lay bare the disruptive forces underlying the emerging external economic environment for your appreciation.
Models from the Ricardian comparative advantage to the Heckscher-Ohlin factor endowment theory tell us that free trade is a win-win game for trading partners. Free trade is widely believed to make countries better off. Gross Domestic Product goes up and the standards of living of the trading countries improve as a result. As we know it, free trade is the core constituent of globalisation.