ECON310 Global Managerial Economics
Colorado Technical University

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The importance of trade continues to be a debated topic because the gains are not always quantifiable by those involved. Some would argue that due to a significant difference in wages and regulations, free trade is not always fair trade and that free trade agreements are used by companies to simply chase lower wages and fewer regulations.

Which do you feel is a better approach, free or fair trade, and why?

In fair trade practices, it is found that there are restrictions placed on farmers and producers. Thus, they will have restrictions on their daily working conditions due to which they will provide minimum wages to their workers, will focus more on regulations of the government, and also will need to make sure of providing safer working conditions (Lohman, 2017).

On the other hand, free trade practices will be removing all the barriers between the given nations. The companies working under these conditions will be free from tariffs, worker's protection, and othertaxes of the local government and also will pay wages as per the strategies of the organization.

The key goal of free trade is to increase the economic growth of the nation and thus will allow companies from other parts of the world to start their operations in their nation. The focus will be more on the trade policies between the two nations that will stimulus the growth of both the nations in a given working environment(Lohman, 2017).

The countries will be required to lower their tariffs, other quotas, and even regulations so that these companies can operate properly in a given environment. Thus, there will be change induced in the working environment through government and market policies. The primary benefitsachieved through such trade practices will be - developing new business entities that will have easy business conditions; however, they need to manage the supply chain as there will be several levels between the producers and the end customers(Lohman, 2017).

On the other hand, to improve the quality of lives and also empower growth of the companies in the right direction, fair trade practices are implemented in a given environment (Sethi&Dhir, 2013). The major actions that will be taken under fair trade practices include - favorable financing options, better wages for the employees, and also high environmental standards.

The benefits will be delivered to the small-scale workers and artisans that will allow both the nations to achieve the social objectives of their policy. Since, the practices will be guided through fair trade principles, it is important for not only the companies but also for both the nations to follow ethical principles in all the processes in a given working environment.

Now, it will be difficult to compare both the type of trade practices as each of them is benefiting entirely to the community(Sethi&Dhir, 2013). However, to select one of them, I shall opt to choose free trade practices as it will allow more flexibility to both the nations and also the working corporations.

The companies can later formulate proper working policies and working standards that will benefit to the workers and other artisans associated with the company. It will thereby allow them to not only achieve the desired financial objectives but also achieverequired social objectives in a given environment.

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Given the concept of comparative advantage, should we even be discussing free versus fair trade?

Comparative advantage refers to an economy's ability to produce goods at lower opportunity cost that that that of producing the same goods by involving other trade partners. Thus, it will be the ability of a company to manufacture goods or sell services that will help them gain better and stronger sales margins in a given environment(Sethi&Dhir, 2013).

The law of comparative advantage can be attributed to Principles of Political Economy and Taxation; now, considering this concept from the perspective of Free Trade vs. Fair Trade, it will be more important to understand the political participation of both the nations, determine the other benefits achieved through such a collaboration and trade practices, and finally, evaluate the performance of the companies from both the perspectives (Zeng, 2013).

If the company is capable enough to develop goods and services without any foreign collaboration, there will be no need of any free trade practices or fair trade practices. However, if the company wants foreign collaboration and wants to use better technologies and mediums, it will be recommended to opt for either of the trade practices approach in a given working environment.

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