You will prepare and submit a term paper on Free Trade or Isolationism: How Can Trade Wars Be Avoided in the 21st Century. Your paper should be a minimum of 1250 words in length.

You will prepare and submit a term paper on Free Trade or Isolationism: How Can Trade Wars Be Avoided in the 21st Century. Your paper should be a minimum of 1250 words in length. Cognizant of the limits of the free trade regime and aware of the risks that it still can pose, this paper will conclude by reflecting on some strategies and corrective measures in order to mitigate these risks and redound to benefits for all – the North and South alike.

Ravenhill (page 347) was correct in the observation that there is nothing new about globalization. He said, “(i)n the sixteenth century, chartered trading companies established foreign production facilities for much the same reasons as firms did centuries later – internalization within the firm was a means of economizing on frequent transactions that inherently had to occur in a particular location, whether in order to access specific raw materials or markets.” However, what is new in this present juncture is the degree to which globalization has managed to permeate every single aspect of our lives. We have reached a stage when it is no longer possible to ask whether or not we should take part in globalization, but rather, what can we do to mitigate its possible risks (if any) and take advantage of its myriad benefits. The level of interconnectedness that the globe has reached this conjecture where simply there is no turning back, where there is no recasting history.

I argue that this question is of particular relevance to developing countries today, as those who oppose the free trade ideology often invoke the developing world and argue that the developing world the hardest hit by the phenomenon of globalization. The evidence, however, demonstrates otherwise. According to Epping, et. al., (2009) “the farmers and producers in many countries in the developing world were not allowed in the lucrative U.S. market, making them much poorer than they would have been without trade restrictions. (p 45)”&nbsp.&nbsp.