ECOCB535_Comp3_Mod5_Reflection.doc Comp 3/Module 5 - Reflection University of Phoenix ECOCB/535: The Digital Economy Comp 3/Module 5 “ Reflection Open trade has many benefits for the national and global economies.
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ECOCB535_Comp3_Mod5_Reflection.doc Comp 3/Module 5 - Reflection University of Phoenix ECOCB/535: The Digital Economy Comp 3/Module 5 “ Reflection Open trade has many benefits for the national and global economies. Many of the primary benefits discussed regard monetary benefits for national economies and overall global economic health. There are several non-monetary benefits as well to open trade. These include the development of countries that many foreign aid policies already seek to achieve, increased engagement and partnership in multinational organizations formed for global health, and decreased poverty levels across the globe (McConnell et al., 2018). Two examples that have a more urgent and immediate impact are aggregate innovation capabilities across the globe and emergency resource preparations. The COVID-19 pandemic has surfaced many conversations regarding open trade and global preparedness that have not been part of the mainstream media in some time (World Trade Organization, 2020). Innovation Trading resources and services fosters innovation and competition in the global environment. This benefits all industries allowing for advances in technology and processes. Disallowing innovation to cross borders isolates countries technology innovation will slow dramatically. U.S. Treasury Secretary Hank Paulson spoke on the importance of open trade and the impact it would have on important global topics that potentially could be solved through the collaboration of leading nations (Witte, 2019). Th. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . .
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