Trade can allow countries to use their national resources more efficiently, and it can allow industries and workers to be more productive. Trade may even allow countries to achieve higher living standards, and keep the cost of many everyday products low. Government regulation of trade has had a significant impact not only on global trade flows, but also on economic growth and prosperity. For this reason, it is useful to consider the main ways that governments have tended to regulate trade and, more recently, to deregulate it.
Respond to the following prompts:
- Research one item (Cannot be sugar) that is internationally traded and outline how this product flows from one country to the next.
- Are any tariffs, quotas, or restrictions on this product being traded?
- Has this product ever been under an embargo? If so, why?
- Is there a distinct government policy for this product's trade?