US News and World Report has a little feature on a drapery company that has expanded into more distant markets and thereby grown. The article identifies trade agreements and technology as paving the way for such expansion by many small, local businesses.
Decreasing tariffs and regulation and improving technology—these are examples of what economists call “lowering transaction costs,” which improves efficiency and benefits producers and consumers alike.
The US News article highlights an American business, but, even more crucially, opening international markets also helps producers in the developing world.
