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Obstacles to Successful International Economic Policy

Details: Upon your return home, you receive an invitation to speak to a class at the local high school. You are to be part of a panel of three local people considered to have experience in international business. The question you are assigned to answer is "What are some obstacles to successful international economic policy coordination?"

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International economic policy coordination is an idea that is not nowadays at the top of the international agenda. If there were no free trade policies and coordination then countries would not able to freely import and export, each country would have been in a situation to produce everything, thereby leading to wastage of natural resources and higher costs of production. Now the consumers anywhere in the world are consuming the latest products and services. Producers are also using the latest technology to produce the products and services. They are also using the environment friendly production standards. Establishment of trade zones like European Union and NAFTA have also enabled countries to cooperate more with each other, take advantage of each other's strengths, and promote international trade volumes.

But the opponents of free trade argue that the free trade has actually forced companies to become greedier and enter into a mad race to produce as much as possible, leading to over production and mass destruction of nature. It has also led to the depletion of ozone layers, increase in pollution, exploitation o f resources. Thus the government plays an important role to regulate and correct ...

Solution Summary

In just under 750 words, including two references, this solution discusses the obstacles to successful international economic policy coordination.