1) Explain the law of comparative advantage and classical trade theory from a historical perspective utilizing the works of Adam Smith, David Ricardo, and Richard Cobden.
2) Explain the historical context and core principles of the World Trade Organization (WTO).
3) Explain how comparative advantage and classical trade theory relates to the WTO.
4) Explain the arguments for and against the WTO.
5) Explain the impacts of free trade on the developing world in terms of minimum standards of living, the environment, democracy, and national sovereignty.
6) Explain the impacts of free trade on the developing world in terms of the environment.
7) Explain the impacts of free trade on the developing world in terms of democracy and national sovereignty.
The paper must be two to three pages in length and formatted according to APA style. You must use at least two scholarly sources to support your points. Cite your sources within the text of your paper and on the reference page.
This material may consist of step-by-step explanations on how to solve a problem or examples of proper writing, including the use of citations, references, bibliographies, and formatting. This material is made available for the sole purpose of studying and learning - misuse is strictly forbidden.Historically, humans have been engaging inter-regional trades to exchange goods that were not available in their own regions because it simply enhances the welfare of the authority and the people. Merchants often took a risk of traveling to the distant countries to trade for their profit. The early prominent example is the opening-up of the Silk Road between China and Europe. The idea of free trade did not come up until Adam Smith (1776) and David Ricardo (1817) who advocated the benefit of free trade as opposition of the mercantilism practiced at the time that states controlled the trade ...