Globalization allows countries to consume goods and services above their production possibilities curve and produce at their comparative advantage. Free trade allows the market to work without distortion of incentives. Most economists believe that free trade optimizes utility. We now join, Professor Max E. Mizer in his econ 101 classroom.
Prof: The globalization cow shows how interdependent we are. Nations will trade if it beneficial to both. Trash. Did you hear what I just said?
Trash: Huh? I heard you, but that's just a cow--not a herd.
Prof: Very funny. ESPN, you have a question. What is it.
ESPN: It's not a question. More of a statement. But when countries trade is the trade fair?
Prof: Good question.
ESPN: I mean. I got a new catcher's mitt for my girlfriend. Now that's what I call a "fair trade."
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