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

gains from trade may be especially high among the smaller and lower-income countries of the world.

Access for free at openstax.org
19.4 • The Benefits of Reducing Barriers to International Trade 465

LINK IT UP

Visit this website (http://openstax.org/l/tradebenefits) for a list of some benefits of trade.

From Interpersonal to International Trade

Most people find it easy to believe that they, personally, would not be better off if they tried to grow and process

all of their own food, to make all of their own clothes, to build their own cars and houses from scratch, and so

on. Instead, we all benefit from living in economies where people and firms can specialize and trade with each

other.

The benefits of trade do not stop at national boundaries, either. Earlier we explained that the division of labor
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