Sample Economics Article Review Essay on Journal of Economic Perspectives

Article Review

The two journals raise concerns on international trade. The two journals by Feenstra, Robert C. and Markusen, James R., highlight issues related to world trade and organizations. They have illustrated some effects that international trade, globalization and expansion of local industries to multinationals in some developed nations like the USA.

One of the concerns is whether nations should come together to support the integration of the global market, which has been seen resulting from the disintegration of the world market (Feenstra, 1998). What is the fundamental importance and significance of outsourcing? What are the implications of the disintegration of production, and the benefits of international trade? Should the different nations involve themselves in foreign trade? The response to these questions relies on the evident effects that different countries have realized because of getting involved in international trade. Through globalization, international trade, the different resources available in various countries get concentrated and specialized in the production of those products they proved to deliver most effectively.

Through globalization, consumers in different countries get the desired products at high competitive prices at the right quantity and quality (Markusen, 1995). Nations involved in the disintegration of production functions experience improved understanding and good will among themselves and their investors get a broad range of opportunities to venture in. Outsourcing has resulted in some benefits to the involved nations. They include cost advantages, increased efficiency and countries focusing on core areas. Others include saving on infrastructure and technology, time zone merits, as well as faster and better services.

In conclusion, involvement in globalization by the different nations of the world has many advantages. It is evident that globalization and international trade have the capabilities of improving the nation members’ levels and rate of economic growth and development.

References

Feenstra, R. (1998). Integration of Trade and Disintegration of Production in the Global Economy. Journal of Economic Perspectives, 12(4), 31-50. doi:10.1257/jep.12.4.31

Markusen, J. (1995). The Boundaries of Multinational Enterprises and the Theory of International Trade. Journal of Economic Perspectives, 9(2), 169-189. doi:10.1257/jep.9.2.169