The free movement of goods across national borders has long been controversial. Some people argue that it is necessary for economic growth, while others claim that it damages local industries.
Discuss both views and give your own opinion.
The issue of unrestricted trade of goods between countries has been a subject of ongoing debate and disagreement. Contentions differ among individuals on the necessity of economic growth, with some asserting its importance and others contending that it adversely affects local industries. In this essay, I will discuss both views and state my own position.
People favouring the expansion of global free trade claim that economies grow faster when they can specialise in just a few industries with a definite advantage. As a result, every region or country contributes something valuable to the global economy. East Asia specialises in the production of electronic goods, the Middle East mostly exports energy resources, and the EU predominantly supplies luxury things. Advocates of free trade argue that reliance on global trade fosters international collaboration and serves as a deterrent against conflicts.
Conversely, critics of free trade argue that the unregulated flow of products and services has detrimental effects on local communities. The reason for job loss occurs when the cost of importing a product becomes more economical than producing it domestically. Furthermore, they contend that the extensive transportation of food, oil, and consumer goods has detrimental effects on the environment and contributes to the unsustainability of our lives. Protectionists advocate for more stringent regulations on the flow of goods and services in order to safeguard employment and means of subsistence.
In my opinion, free movement of goods should be promoted for essential commodities. At the same time, unnecessary or luxurious items should not be freely tradable and governments must be able to collect taxes for such items. It will motivate people to buy locally and support the domestic economy.
In summary, although there exist compelling arguments supporting each position, reverting to protectionist policies would undoubtedly be an unwise course of action. Global trade is an unavoidable phenomenon that ought not to be subject to restrictions. A balance must be maintained between what should be available for free trade and what be taxed.