4 Surprising Ways International Law Impacts The Economy

International laws are challenging to understand and even more challenging to enforce. While there are many international laws related to trade, taxes, imports and exports, each nation applies them differently. Because of this, the effort made to understand international laws may be significantly less. It may be easy to only focus on national laws, and ignore the implications international law may have on your country and your economy. However, it’s important to stay informed and updated on both national and international affairs as both with impact your life one way or the other. Many people do not realize just how big of an impact international laws have on the economy and their personal lives as well. Consider these four surprising ways in which international law impacts the economy.

4 Surprising Ways International Law Impacts The Economy

Complying With Environmental Regulations

Environmental regulations that are governed by international laws usually add to the cost of doing international business. While you may think this should only apply to those working in business, it doesn’t. Many people are surprised to learn that some nations levy more taxes or tariffs on goods that come from countries where regulations are lax. This discourages imports from countries that contribute a great deal of air, ground and water pollution to the environment. This is most likely caused by the recent spike in concern regarding the environment and industrial pollution. While this is a great way to help keep pollution from production under control, many people may not realize that it impacts the economy as well. There is a definite balance between the two to ensure the environment and economy are both being taken care of. This is important to keep in mind when you’re considering business partnerships and expansions.

Understanding Intellectual Property Issues

Although the United States has strict copyright and intellectual property laws, this is not necessarily the case in other nations around the world. This can quickly become a sticky situation when you think about international business and the legalities that could be associated with doing business in various different countries. International laws governing intellectual property govern business transactions of written material and products, such as movies, books and songs. Protecting intellectual property increases the price of these products to consumers but ensures that the copyright owners are justly compensated for their work. This is important to protect both the artist and the economy, as it tries to make sure that the consumer isn’t getting charged too much as well as ensuring the artist is receiving the price they deserve. Keep this in mind as you are negotiating business transactions and as a consumer, to ensure you’re ethically keeping in compliance with copyright and intellectual property laws.

Getting A Degree In International Relations

Getting a degree in international relations prepares you to understand the worldwide marketplace. An international relations degree salary varies, but a degree in this field will prepare you for a career in business, investor relations and economic development. You will also be prepared to work in government relations as it relates to international trade and related types of employment. Professionals who work in international relations are familiar with politics, human rights, economics, global studies, philosophy, diplomacy, and many other subjects. If you go into this line of work, you will have a varied skill set and experience that will make you more marketable in the workplace. If you’re interested in economics and business law, a degree in international relations may be of particular interested to you.

Regulating Child Labor And Wages

Child labor used to be the norm across the world, especially in developing countries. Strict international laws around child labor have led to an increase in observation of the factories where kids work. Because of the increased awareness and prosecution of child labor offenses, wages have increased for many international workers. Co-ops, such as the Manos del Uruguay, have allowed for disenfranchised workers to come together and protect their rights as workers while making it easier for kids to stay in school. Manos del Uruguay is a women’s co-op employing hundreds of women in the fiber arts trade. Although there have been significant efforts to end child labor, it is still a big problem that impacts many worldwide. It is something to consider when making consumer purchases, negotiating business deals, and doing business internationally.

International laws impact every area of the economy, from the price that you pay for an imported spice to the availability of employment in manufacturing jobs. While these laws may seem far removed from everyday life, they govern the products that people use on a daily basis. Earning a degree in international relations can help you to gain a deeper understanding of how these laws impact the American economy and international economies. It can help you understand the intricacies behind the economy and just how many factors impact it on a daily basis.

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