International trade enhances global economic growth from "summary" of International Economics by Robert Carbaugh
The interconnectedness of economies through international trade has a profound impact on global economic growth. By engaging in trade with other countries, nations are able to access a wider variety of goods and services than they could produce domestically. This enables countries to specialize in the production of goods and services in which they have a comparative advantage, leading to increased efficiency and productivity.
When countries specialize in producing goods and services in which they are most efficient, they are able to increase their overall output. This increase in productivity leads to economic growth, as more goods and services are available to consumers. Additionally, international trade allows countries to benefit from economies of scale, as they can produce g...
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