The discussion would revolve around this ongoing debate on globalization which is, without a doubt, the dominant capitalist trend in the world today. But there is much debate about how globalization should continue. This is a competition between free trade and fair trade. Free trade and fair trade have been in constant tug of war on both sides by economists and politicians. Both advance an ideological approach to what global business should look like. But it is also flavored with nationalism and politics because the issue directly stimulates the potential economic power of its participants, whether it is a developed country or the third world. It is therefore not surprising that this debate is full of fierce arguments on both sides. In this article, we would like to argue for fair trade as a better form of globalization with the logic that the globalization of free trade has only made global markets become reckless and abusive. Free trade advocates argue that trade between countries should be eliminated from barriers and policy preferences, especially those that favor specific countries or industries. They believe that a business will fail or succeed depending on how well it adapts to a free and open market, without having to depend on special government protections that protect industries or workers. Therefore, advocates want to eliminate subsidies and tariffs and oppose regulations that force companies to pay extra just to do business in foreign markets. Fair trade advocates, on the other hand, make working conditions a priority in establishing trade relationships. For example, a fair trade advocate will want to ask for an increase in workers' wages to improve their livelihoods. This... medium of paper... could support the push towards the new capitalism. The author builds on the arguments of globalization advocates that the richest countries tend to be the most open to the rest of the world when considering their trade practices and investments. This is because, according to Rodrik, these countries have large governments that have far reaching and effective regulation. They also have the broadest social safety nets. In conclusion, if globalization were to continue in the future, the goal should be fairer trade. Fairer trade protects trade itself and does not allow organizations to abuse it. It might seem like protectionism. But a measured form of protectionism means there is a balance between government regulations and market openness. Equity is the only foreseeable solution against the globalization trilemma: democracy, independence and openness.
tags