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Discussion

Band 6+: Some people believe global trade is the best way for an economy to grow. However, others believe we should only produce and buy products made in our own country. Discuss both these views and give your own opinion.

Note: Both the topic and the essay were created by one of our users.

Both of these views have their own merits as the concept of economic growth is multidimentional because it depends on both the internal and external factors. The internal factor includes domestic demand for the goods and services of your country and the external factor is comprised of the access to the international markets and the international demand for your national goods and services.

Domestically, the economic growth depends on fact that the goods and services produced by the companies of your country must be competitive enough to capture the domestic markets, create domestic jobs, generative profits, and give enough revenue to the state authorities in taxation. This helps the expansion of the domestic economy and boost the capacity of domestic campanies to establish a strong base at home to be able to move globally.

Globally, the growth of the economy depends upon the expansion of domestic companies into the international markets, attracting and capturing new customers, and establishing strong demand for their goods and services in the multinational arena. This ultimatly helps in boosting the growth of both the international and domestic economies, creating jobs both internationlly and domestically, earning more foreign exchange reserves for their own countries, strenthening competition for better quality and services, and improving the affordability of the goods and services.

Overall, it can be assessed for the arguments above that the economic growth is not a uni-dimensional subject and it depends upon multiple factors; domestic and international. Therefore, governments across the globe must keep in consideration both of the domestic and global factors (such as global trade) for expanding the growth of their economies and to improve the per capita come of their citizens.

Word Count: 278

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