"The Choice" by Russell Roberts This report is based on the work, "The Choice" by Russell Roberts. The work is a product of Prentice Hall Company by 2007 (Roberts v). The author of the work is Russell D. Roberts. Russell is also the writer of The Invisible Heart published by MIT Press in 2001. In the work, Roberts focuses on international economic issues that face America and the businesses in America. Economists such as David Ricardo are highlighted in the work. These economists influenced the television manufacturing industry (Roberts3-15). It is through the company’s influence that the company managed to import goods for the industry as well as determine what would shape the industry.
Through the work, the reader can easily understand the process of international trade, the actors and the impacts of this trade to the daily life. The concept of tariffs and quotas, trade deficits, labor standards and trade agreements are also elaborated in the work (Roberts v-5). In the second chapter on the challenge of external competition, one can easily relate with the authors’ thoughts on how countries and governments have struggled to sustain their economies (Roberts 5-6).
This chapter can be linked to that of globalization and whether the same is good for the developing countries. In this case, the reader gets an analytical viewpoint on the discussion on the factors that cause different economic aspects such as inequalities between different countries (Roberts 90-123). One can also decide on the best decisions to make based on different arguments outlined by the authors. Most importantly, is how the author gives detailed facts on the thoughts that he outlines for example in the discussion on the case of free trade and fair trade.
The gap between the concepts of international trade and the practical aspects can be easily be bridged bearing in mind the thoughts outlined by the author. In the case that the thoughts of the author are applied in the text, it is expected that America will be a country that will enjoy the fruits of free trade and in the end become self-sufficient (Roberts 86-87). It is also possible to evaluate both the useful and the normative implications of international trade and the policies applied in the trade.
Simply put, the author expresses how trade can act as an instrument of change in the general life of humans, especially with the changes in the policy formation and effecting. In as much the work may seem fictional, the facts from the work are outlined in a way that brings out a clear meaning on various economic concepts. The work is indeed useful especially to persons that have an interest in economics. One can learn from the corrections made by Ricardo especially on the economic theories.
The misconceptions about the supply and demand factors are explained, the exports and imports and all the factors that have contributed to the failure of the American economy (Roberts 3-28). The book is also practical as it gives a clear insight on the pros and disadvantages of protectionism. However, the work would have been more insightful if the author explained deeper on the “dumping segment” so as to understand the position of the dumper. Work Cited Roberts, Russell D.
The Choice: A Fable of Free Trade and Protectionism. NJ: Prentice Hall, 2001. Print.