Quote:
Originally Posted by Barry-xlovecam
The USA COULD exist without any imports or exports.
How the USA standard of living would change is an unknown.
The USA would no longer bleed dollars to the rest of the world nor enjoy any benefit gained in the global marketplace.
US Americans may not end up poorer but the rest of the world may. Or, maybe the rest of the world would form new markets and do OK -- who knows ... Want to roll the dice?
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The West could exist much better by only importing exporting among itself. The rest of the markets aren't worth much. Besides buying raw materials from.
It also ensures competition among equal partners, which New Nick points out.