This post relates to the following Keystone Economic Principles:
1. We all make choices.
2. There ain’t no such thing as a free lunch.
3. All choices have consequences.
4. Economic systems influence choices.
5. Incentives produce “predictable” responses.
6. Do what you do best; trade for the rest.
9. Prices are determined by the market forces of supply and demand…and are constantly changing.
Many of you may not be aware of an excellent on-line resource, The Globalist. I look at it regularly and regularly I am rewarded with information I can use.
This week, they have produced a series of pieces, placing trade with China in a historical context. The stories, found here, here, and here, start with the 19th century attempts to open China to trade, the Opium wars, and subsequent treatment of China by the West.
For those of you teaching economics, current events, and world history this is some excellent background. And The Globalist is a resource you might well want to bookmark.
I look forward to your comments.