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Free Trade under FireFifth Edition$
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Douglas A. Irwin

Print publication date: 2020

Print ISBN-13: 9780691201009

Published to Princeton Scholarship Online: January 2021

DOI: 10.23943/princeton/9780691201009.001.0001

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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 16 September 2021

The United States in the Global Economy

The United States in the Global Economy

(p.11) 1 The United States in the Global Economy
Free Trade under Fire

Douglas A. Irwin

Princeton University Press

This chapter sets out basic facts about international trade and the U.S. economy. It describes how world trade has expanded rapidly in the recent decades and explains how the development provides the context in which to consider trade policy. The chapter discusses the reasons for the increase in trade and how trade has changed with the fragmentation of production and the increase in trade of intermediate goods. It talks about the state of public opinion on the question of globalization. It also analyzes protectionist policies that directly harm employment in domestic industries by raising production costs in addition to forcing consumers to pay higher price for the products they buy.

Keywords:   international trade, U.S. economy, world trade, trade policy, globalization, protectionist policies

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