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H.W - Essay Example

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Several countries have contributed towards global economic development through various ways. Trade is the most versatile income generating avenue that has helped countries generate revenue…
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H.W

In other words, several countries have benefited from the trade in various ways. To begin with, the goods that are imported may be of lower prices than those produced domestically. Besides, the imported goods often offer advantages other than lower prices such as better quality or design, higher status and technical features among other reasons. In respect to this, the paper focuses on the countries that have capitalized on international trade and the effects that it has had on their economic growth.
The participation of the Far East countries in international trade is remarkable. Evidently, countries such as China, Japan and Korea are developing and expanding at a very fast rate. The fast expansion and development is attributed to international trade. It is worth noting that, since the initiation of economic reforms and the adoption of the open door policy, international trade has resulted in the dramatic growth of a number of countries, China being one of them. The integration of China as a country into the global economy has been attributed to its sustained economic growth in the recent years. It has become a darling to several countries in Europe and in Africa due to its investment programs and the visions it has as a country. The exportation and importation of goods ensured that some of the industries in China had comparative advantages in terms of the level of specialization (Reuvid & Sherlock, 2011). Additionally, international trade has helped achieve a high growth rate of GDP in China, as well as an enormous inflow of hard currency and a dramatic increase in the employment opportunities that have absorbed the high population. Just like the neighbouring countries such as Japan, China’s participation in international trade has also contributed to the improvement in productivity of domestic industries and ... Read More
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