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It has been observed that the world might be splitting into large trade blocks. What is a trade block, and how might this trend affect world trade and living standards?
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It has been observed that the world might be splitting into large trade blocks. What is a trade block, and how might this trend affect world trade and living standards? Economists are divided into three different groups that approach to free trade differently. Some believe that free trade should be limited as much as possible, some believe that free trade should happen to a certain extent and the others believe that all trading barriers should be removed and create an unprotected free trade zone between all countries in the world. The group that supports the last argument is the GATT which was formally the WTO. With the recent emergence of trading blocks, this idea of free trade has become harder to achieve since a trading block is when few countries join and use protectionist measures upon each other but not to other countries. Therefore free trade is conferred globally but...
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