Few notes on BRICs and International Trade

International Trade:

•  More variety
•  More competition so more innovation and increased efficiency (also specialisation), so lower prices
•  More jobs, especially in developing countries
• Can lose jobs in developed countries when firms move to places with cheaper labour
• Exploitation of labour
• More pollution
• Economic growth
• Many people lifted out of poverty
• Increase world output
• Prevents monopolies
• Smaller countries may lose out
•  Increases inequalities (of power and income)

Will the BRICs be influential?

Yes:

      High econ growth

      MNCs move there

      Jobs

      Influential

      Lots of people

No:

     …