Hi, guys. Welcome back to Global Business Environment. This will be Module Five. And in this module we asking another key question. This time we're asking a question that's been important to economists and society in general for many centuries. And that question is, what are the benefits or gains from trade? We've been talking all about globalization and the interactions between countries and nations and societies. And the assumption sometimes is that, that trade, that interaction is a positive thing or a good thing on the whole. Not everyone agrees with that, and we're going to tackle about why that is the case today? Before we do that, let's make, provide a couple of definitions. First of all, when we talk about trade we're generally talking about imports and exports. Which could be defined as sell, sales from one country to another. Now, one thing to keep in mind, when we say that, is it's not usually the countries that are actually engaging in the trade. It's typically companies or individuals who are making the purchases that constitute an import or an export. If I buy a car or I buy orange juice, for example that has been produced in another country, I'm engaging in international trade or in an importation of a good. And perhaps you might talk of that in terms of an import from Brazil into the United States, as if the countries were engaging in that trade. But in fact it's individuals and companies that are doing the business. So, you probably have seen on the news or heard in from friends or from other classes that sometimes globalization and trade get kind of a bad rep. They have a bad name. You may have seen images like this which is a protest. When countries and continents are involved in trade agreement negotiations and typically you will see protests. You will see individuals and groups who do not agree with some of the terms of the trade agreement come out and be very vocal in their expression of that disagreement. And this has existed for many centuries, in fact, this type of, expression of, of disagreement. The reason that this type of disagreement arises, is because, even though trade, may be beneficial, to some, some individuals and entities and parts of society have not benefitted from trade over time. And so these protestors are speaking up for the rights of those, individuals or groups who've been marginalized or been hurt by trade. So, when we talk of free trade we shouldn't assume that it's necessarily always positive for all parts of society. But, having said that, we do look at data such as this, graph or table, and see that there is a, an amazing correlation between, but it in, in the rise of prosperity in our modern era, which has been characterized by increased interaction and trade across borders. This is a table or graph that is perhaps somewhat surprising that we could have data all the way back to 2,000 years ago on gross domestic, product per capita of the entire world. Obviously, this involves a lot of estimates, but it shows that, since the 1900s the world has entered an extremely prosperous period. We saw this previously in Module Three, when we looked at this data set. And we saw that since 1980, when, trade really took off in the Modern era, we saw similar correlation between, the rise in Gross Domestic Product and the rise in trade across borders, or in other words, imports and exports. So this is where the, those who are in support of freer trade or more trade across borders their, this is where their point of view is coming from, is the idea that look it works. You, you trade more and we all get richer. And so we're going to take that question apart and look at it and see, where that the support comes from in this module. So I look forward to working with you on this important question. What are the benefits or gains from trade? Thank you.