Regarding the presented question, I firmly agree with the former group who see this as a positive development. Nevertheless, I fully acknowledge that the viewpoint of the latter group is not completely merit less. In the following essay, I will articulate my rationale for this firm stance, in addition to presenting the other side’s argument.
It has been undeniably proven that trade between countries increases the overall wealth of all nations. Simply put, each country has a competitive edge in producing certain products; therefore, all nations would become richer, if countries focus on producing specific products and trade with one another. I argue that, while It is beneficial to take this approach for non-essential goods and products, we will face disastrous issues if countries have to rely on one another for essential products.
First, is the issue of supply chains. This was highly evident during the COVID pandemic, where the global markets were heavily disrupted, causing significant shortages worldwide. This illuminated a crucial issue, by focusing heavily on trade, many countries have neglected their own manufacturing sectors and were not able to deal with these shortages effectively. Although I acknowledge the numerous benefits of global trade, I argue that governments must take necessary actions to prevent such developments by investing in their own manufacturing sectors. This can be achieved by providing tax breaks and incentives for private sector, and imposing tariffs on specific foreign goods and industries.
Another important issue is the unpredictability of the global market. In the modern world countries are extremely dependent on one another. Therefore, disruption in certain markets, like China, can lead to seismic effects globally. For instance, an outbreak of war in the South China Sea can disrupt the economies of many countries who are heavily reliant on trade with China.
Due to these reasons, I argue that all countries should try to produce the essential goods, like food, medicine and fuel. I fully acknowledge that this is not possible for every country as many of them lack access to all necessary resources; nonetheless, governments should take concrete steps to address these issues to ensure the safety of their citizens.