economy has less need for international trade, because it can already take advantage of internal trade within

its economy. However, many smaller national economies around the world, in regions like Latin America,

Africa, the Middle East, and Asia, have much more limited possibilities for trade inside their countries or their

immediate regions. Without international trade, they may have little ability to benefit from comparative

advantage, slicing up the value chain, or economies of scale. Moreover, smaller economies often have fewer

competitive firms making goods within their economy, and thus firms have less pressure from other firms to

provide the goods and prices that consumers want.

The economic gains from expanding international trade are measured in hundreds of billions of dollars, and

the gains from international trade as a whole probably reach well into the trillions of dollars. The potential for
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