Economics Project Abstract
FREE TRADE: A BETTER SYSTEM OF INTERNATIONAL ECONOMIC EXCHANGE?
Presenters:
Jonathan M. Delich, Illinois Mathematics and Science Academy, 1500 West Sullivan Road, Aurora, IL, 60506; delich@imsa.edu
Amy Peterson, Illinois Mathematics and Science Academy, 1500 West Sullivan Road, Aurora, IL, 60506; amylou@imsa.edu
Mentor:
Mr. Michael DeHaven, Illinois Mathematics and Science Academy,1500 West Sullivan Road, History/ Social Science, Aurora, IL, 60506; 630-907-5889/5960; dehaven@imsa.edu
Abstract:
Through our research this past year, we sought to determine the most holistically advantageous form of international trade. By researching different theories of international trade and learning about the history of previous trade methods, we attempted to determine whether free trade or bilateral trade agreements are more profitable for society as a whole. We investigated Milton Friedman’s contention that free trade brings about free societies and ascertained the validity of this claim.
As part of our analysis, we studied the environmental, cultural, and political effects that different forms of international trade would bring about. While technologically advanced countries support forms of free trade, much friction exists between developing countries and systems of trade without economic barriers. Our findings over the year have allowed us to acquire a greater understanding of economic theory as well as the repercussions of economics upon other facets of society. We will filter the findings of our research through our newly acquired understanding of economics and present our conclusions.