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Trade & Globalization

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Coming soon . . . a new Key Concept: “Trade and Globalization” and the important role these play in New England’s ongoing economic evolution. Here’s a preview of what you will learn with our new content features . . .

“Ask any student about trade and you will probably hear a story about exchanging lunches in the school cafeteria. The result of this negotiation is greater satisfaction for each trading partner. Individuals, communities, regions—and even nations—participate in voluntary trade for the same reason. Free trade allows nations to focus on doing what they do best and trade for the rest, resulting in more goods and services all around.

Globalization is the worldwide integration of markets for the exchange of goods, services, labor and capital (investment money). As nations trade more, their economic fortunes become more entwined. The upside of a globalized economy is greater choice of goods and services and more wealth creation. However, in the pursuit of ever more efficient resource use on a global scale, downsides emerge. For example, people lose their livelihoods as their jobs migrate to a more productive labor market. Globalization can even lead to environmental damage as production moves to locales with less restrictive regulations. In essence, the global economy is an economic reality that presents both opportunities and risks.

What do trade and globalization have to do with New England? Long before Europeans visited these shores to trade, fish, or explore, this area was home to many Native American peoples, who had flourishing trade routes of their own. Globalization is not new. Europeans made visits to North America’s northeastern shores to trade and to fish as early as 1000 CE. When Europeans finally came to settle, New England was drawn into a wave of modern globalization that changed its course forever.”

Stay tuned for the full story about "Trade and Globalization" in New England . . . coming soon!

 

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