Reference no: EM132969950
Country J is a fairly small island nation located in a tropical climate with a population of only around 12 million people. The country has a democratic system of government as well as a history of being part of a European colonial empire which has left the country skeptical of being too close to a single Western country. The country's GDP per capita, $ 15,000, puts it into the middle-income bracket, not wealthy but also not racked by extreme poverty. As the country has beautiful island beaches and warm weather year-round, tourism has developed into the country's primary industry. But it also has significant economic activities involving agriculture, especially sugar cane, fishing, financial services, and light manufacturing including in clothing, handicrafts, and specialty items. The country put up severe restrictions on international travel and trade during the COVID-19 pandemic of 2020-2021 in the hopes of slowing the spread of the virus.
Due to expectations of great reductions of the spread of the virus after the introduction of vaccines in 2021, the country is preparing for moving forward. You have been asked to prepare a report using the theories and frameworks from the course identifying and evaluating options to maintain closure of the economy (use or tariffs and other trade restrictions) or to increase openness to travel, to and from, as well as imports and exports. Provide specific recommendations.
Some to the theories you might want to include in your analysis could be a comparative advantage, market imperfections such as production externalities and public goods, national security, politics/public opinion, infant industry, welfare effects of trade, factor mobility, income distribution, economies of scale, and unemployment and environmental concerns both domestically and globally.
The analysis should include original ideas and analysis, if using outside sources these need to be cited and listed as references.
1. What are the main ideas and how to link these to theories of trades framework.
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: Country J is a fairly small island nation located in a tropical climate with a population of only around 12 million people. The country has a democratic system
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