Dominance of an industry or activity is not the same as scale. International trade is conducted by individuals and businesses, not governments, and it is them, who negotiate the division of the value added trade creates.
The blunt truth is that free markets are not a particularly efficient system for allocating resources. They are just – like democracy – more efficient than other systems and – unlike democracy – more innovative than other systems.
The political consequences of international trade are different from the political consequences of international investment. Yet the willingness of business to transcend political divisions in pursuit of commercial advantage is basically a force for peace.
Your country of residence is where you buy your clothes, eat your meals, draw up your accounts and write your board minutes. But the volume and value of all these domestic operations depends on the role the country’s producers play in the global economy.
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