Adam Smith wrote about the "invisible hand' and was in favor of free trade. Michael Porter wrote about national competitive advantage.

Discuss how these 2 theories are related. State and explain your stance on free trade based upon your understanding and agreement/disagreement with these 2 theorists.

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01-11-2021
Business

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Adam Smith wrote about the "invisible hand' and was in favor of free trade. Michael Porter wrote about national competitive advantage.

Discuss how these 2 theories are related. State and explain your stance on free trade based upon your understanding and agreement/disagreement with these 2 theorists.

Sagot :

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topeadeniran2 topeadeniran2 · Answer 1 · 2021-11-03T18:34:33-04:00

The invisible hand and the national competitive advantage showed how traders compete in the market and how an economy gains an advantage over others.

According to Adam Smith, the forces of demand and supply are vital for an economy to achieve equilibrium. He stated that the government had a minimal role to play in the economy.

According to Michael Porter, he stated that the competitiveness of a nation has to do with the capacity of the industries regarding innovation and upgrade.

Despite the advantages of free trade such as more factor earnings comparative cost advantage, enlarged market, etc. Some of its disadvantages include an unfavorable balance of payment, unhealthy competition, reduction in self-sufficiency, etc.

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