Free trade with Latin America to benefit world

To Talk of Many Things

One of the most important concerns for America’s economic growth is free international trade, which our leaders should pursue assiduously in the near term. Promotion of free trade is a valuable tool for accomplishing what the nation desires. We may forge a far better situation for ourselves and for others with greater economic freedom being shared across borders.

The key to lifting destitute Americans out of poverty and increasing economic opportunity is to enhance the productivity of the national economy. When nations expand their markets through increased trade with one another, the productivity of their economies is invariably augmented, creating more goods and services that help to surge new energy into the markets. Nations with special advantages in the production of certain resources will find it mutually beneficial to market those products to each other because one country is more adept at producing one resource, and another country is better at producing a different resource. Through free transnational enterprise, two such nations may then share those particular products they desire.

In addition, the dynamic exchange among countries of potentially valuable ideas or goods makes global transacting all the more auspicious, for it would be foolish to pass up a chance to acquire such assets and put them to uses that might benefit all people. Through the process of cultural diffusion, the possibilities of what countries may learn from each other through trading contact are infinite, resulting in new chances for future progress in any number of fields. Furthermore, the enhanced exchange of new goods, innovations and other assets would further increase the productivity of national economies and spur overall growth. This will eventually result in the creation of more jobs, which will be encouraged by increased exports to other nations and by a greater amount of foreign investment. The enhanced economic productivity will also encourage higher wages throughout the economy, as wages depend upon how high productivity is.

Developing parts of the world will have the opportunity to enter into a trade pact and gain the means to bestow new life into their fledgling market economies and provide jobs for their poorer citizens. Also, once the basic need of economic survival is satisfied, developing nations will be in a far better position to contribute to important causes such as education and environmental protection.

The country should direct its attention towards a key region, Latin America. As detailed in The Washington Post on Feb. 22, our Latin American neighbors are among our key collaborators for stability and prosperity in the Western hemisphere. Almost all of them have made progress in establishing democracy and free markets in their societies. However, nearly all of them also retain substantial poverty levels which must be brought down, and many still have difficulty maintaining civil order.

A policy of free trade with these nations, coupled with the support of effective rule of law within them, would make for excellent progress towards future prosperity. The Latin American region, which has done much in the last decade to reduce turmoil and liberalize economically and politically, would be a sure benefactor of the trading privileges. With sound free market policies and internal peace and order, the Latin American countries will eventually reduce their dependence on international loans and raise their people out of grievous poverty. The United States will be deserving of much credit for maintaining commitment to our allies in the region and fostering the trend of economic liberalization and democratization.

The unfettering of global economic connections is a recipe for far better prospects for poor people throughout the world. The corresponding rewards that are to be reaped for our own country may now be uncovered.

Jonathan Kelly is a senior political science major.