aks551 (aks551) wrote in globaleconomy,
aks551
aks551
globaleconomy

Nanotechnology- good or bad?

Hey guys! After reading the articles on the effects of nanotechnology, I wonder how beneficial nanotechnology will be for our economy, as well as the free trade market. Although nanotechnology continues to be researched, some effects are still unknown. Could it potentially be a hazard to the environment? While it seems as though nanotechnology will create a more technologically advanced society, who will these new products benefit. We, as Americans, will be interested in buying the new and most hi-tech products, however, what about our trading partners. One of the ways American companies are dealing with the shift in clothing exports is by trying to improve their products through more modern technology. As China takes a larger share in the market, it deprives the developing countries of their production. As these developing countries try and trade with the developed nations they will find it hard to be able to purchase the hi-tech products we have resorted to selling. Thus, before implementing nanotechnology to a greater extent, we should probably balance the effects of this technology on our trade.
Additionally, regarding free trade, the shift from the production of clothing in developing countries to China will create issues with free trade. With the elimination of quotas, restricting China's level of production will be very hard. Having a few quotes, not many, but a few, will at least help the developing countries who are struggling so hard to pull themselves into the market.
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