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The benefits of free trade
Article ToolsFree trade offers benefits by allowing countries to specialize in production and leverage that which they can do most efficiently. For instance China has an over-supply of cheap labor, something the US doe not have. Thus the US benefits by taking advantage of the cheap cost of labor in China by buying textiles from China at a much lower price than if it was produced in the US. Likewise, the US has a lot of highly skilled labor. Thus, we can send them software, something that we can produce at a lower cost in exchange for the t-shirts. In doing so China is better and the US better off. Continued transactions of this nature will allow both countries to further specialize and improve their skills in the traded areas and have even more competitive advantages thus improving welfare in both countries further.
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