How can the negative effects of the failures from international trade be reduced
Chapter 1 Introductory Trade Issues: History, Institutions, and Legal Framework. Economics is a social science whose purpose is to understand the workings of the real-world economy. An economy is something that no one person can observe in its entirety. But free trade can – and has – produced many negative effects, in particular deplorable working conditions, job loss, economic damage to some countries, and environmental damage globally.