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Chapter 21: Q. 37 (page 523)

What are some ways that governments can help people who lose from trade?

Short Answer

Expert verified

By providing subsidies to the domestic industries, providing job training to workers to upskill them, retirement pension, etc.

Step by step solution

01

Step1. Introduction

The exchange of goods and services across borders of countries is known as international trade.

02

Step2. Explanation

Some of the ways in which the agents losing from trade can be helped have been mentioned below.

  1. Providing subsidies to domestic producers to help them compete.
  2. Training workers with advance skills and techniques to upskill them and provide better earning job opportunities.
  3. Providing retirement pensions, old-age pensions, wage subsidies for older workers
  4. A refundable health care tax credit.

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Most popular questions from this chapter

Show graphically that for any tariff, there is an equivalent quota that would give the same result. What would be the difference, then, between the two types of trade barriers?

Do the jobs for workers in low-income countries that involve making products for export to high-income countries typically pay these workers more or less than their next-best alternative?

In principle, the benefits of international trade to a

country exceed the costs, no matter whether the country is importing or exporting. In practice, it is not always possible to compensate the losers in a country, for example, workers who lose their jobs due to foreign imports. In your opinion, does that mean that trade should be inhibited to prevent losses?

Name several of the international treaties where countries negotiate with each other over trade policy.

How do you think Americans would feel if other countries began to urge the United States to increase environmental standards?
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