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Summary ECOCB535 Comp3 Mod5 Reflection.doc Comp 3/Module 5 - Reflection University of Phoenix ECOCB/535: The Digital Economy Comp 3/Module 5 “ Reflection Open trade has many benefits for the national and global economies. Many of the primary benefits discu$4.99
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Summary ECOCB535 Comp3 Mod5 Reflection.doc Comp 3/Module 5 - Reflection University of Phoenix ECOCB/535: The Digital Economy Comp 3/Module 5 “ Reflection Open trade has many benefits for the national and global economies. Many of the primary benefits discu
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ECOCB535 Comp3 Mod5 R Comp 3/Module 5 - Reflection University of Phoenix ECOCB/535: The Digital Economy Comp 3/Module 5 “ Reflection Open trade has many benefits for the national and global economies. Many of the primary benefits discussed regard monetary benefits for national economies an...
ecocb535 comp3 mod5 reflectiondoc comp 3module 5 reflection university of phoenix ecocb535 the digital economy comp 3module 5 “ reflection open trade has many benefits for the national a
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Comp 3/Module 5 - Reflection
University of Phoenix
ECOCB/535: The Digital Economy
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Comp 3/Module 5 – Reflection
Open trade has many benefits for the national and global economies. Many of the
primary benefits discussed regard monetary benefits for national economies and overall global
economic health. There are several non-monetary benefits as well to open trade. These include
the development of countries that many foreign aid policies already seek to achieve, increased
engagement and partnership in multinational organizations formed for global health, and
decreased poverty levels across the globe (McConnell et al., 2018). Two examples that have a
more urgent and immediate impact are aggregate innovation capabilities across the globe and
emergency resource preparations. The COVID-19 pandemic has surfaced many conversations
regarding open trade and global preparedness that have not been part of the mainstream media in
some time (World Trade Organization, 2020).
Innovation
Trading resources and services fosters innovation and competition in the global
environment. This benefits all industries allowing for advances in technology and processes.
Disallowing innovation to cross borders isolates countries technology innovation will slow
dramatically. U.S. Treasury Secretary Hank Paulson spoke on the importance of open trade and
the impact it would have on important global topics that potentially could be solved through the
collaboration of leading nations (Witte, 2019). This is also true for medical innovation and the
emergency need for nations to pool intellectual resources to discover an answer for a global
pandemic. The cost of not having open trade and stifling innovation becomes enormous for all
countries. During the COVID-19 pandemic, open trade practices has allowed for greater
innovation and sped up creation of a vaccine. WTO Deputy Director-General Yonov Frederick
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