Economic growth
Hello Professor and scholars,
Free trade has several benefits both to the home country and its trade partners. Though some economists have come with justifications such as the need to protect local industries and avoid competition for labour to support non-tariff barriers, these benefits are not sustainable in the long making trade barriers costly and unnecessary.
To achieve the desired economic growth, there is a need to diversify the economy. Economy diversification will help the nation to produce more opportunities for its citizens. The more the economy is diversified, the higher the employment opportunities and income. Foreign trade enables countries to diversify their economy best. The state will be able to import the goods and services and raw materials which they cannot produce when the economy is liberalized.
Competition is a very vital aspect of the economy. Through it, the consumers are exposed to several alternatives. The producers will ensure their goods and services are of high quality and sold at affordable prices to help them attract clients. Lack of competition leads to overdependence which makes the available producers enjoy monopoly power leading to taking advantage of the consumers by charging high prices and producing low-quality products. Non-tariff barriers bar competition causing the adverse side effects mentioned.
Foreign trade is a great contributor to international cooperation and peace. Through free trade, several countries can interact freely and form both bilateral and multilateral trade agreements and organizations like the European Union. Non-tariff barriers will affect the diplomatic relationship of the involved countries which hinder international cooperation, peace and co-existence.
References
Bale, M. D., & Lutz, E. (2004). Trade restrictions and international price instability.
Thompson, H. (2017). International economics: Global markets and competition (4th ed.). World Scientific Publishing Company.
Hello Professor and Scholars,
I came up with the sentences below to determine how their meanings change when translates to and from other languages.
Water is an essential requirement for human survival.
Education is the greatest equalizer for humankind since it removes all barriers and opens many doors.
East or West, the home shall forever remain the best place.
Upon translating them to Italian and translating back to English, I achieved the results shown below.
Water is an essential requirement for human survival.
Education is the greatest equalizer for humanity since it removes all barriers and opens many doors.
East or West, the house must always remain the best place.
It is evident that though most of the sentences mean in the second case have the same meaning as the original ones, and some have slight variations—for example, home changes to house, terms which have different meanings.
Special English technique will allow users to understand the type of communication styles used by foreigners hence enhancing communication among them (Tylor, 2008). One need to understand aspects like synonyms to derive meaning from foreigner’s conversation. For example, in the case above, understanding that humanity and humankind have similar purposes will help the speakers to communicate effectively.
Those involved in international business need to be sensitive to cultural diversity to help conduct the market efficiently. Cultural diversity brings different beliefs and values which influence the meanings of several activities such as communication (Tylor, 2008). For example, some societies view maintaining eye contact as a sign of concentration in the conversation while some see it as disrespect, especially from the youth. The traders thus need to understand and adapt to the cultural expectations of foreign trade partners.
Reference
Taylor, A. (2008). Contact Effects of Translation: Distinguishing two Kinds of Influence in English. Language Variation and Change