Trade Liberalisation - A Level and IB Economics скачать в хорошем качестве

Trade Liberalisation - A Level and IB Economics

This economics revision video covers analysis and evaluation of trade liberalisation. #trade #globalisation #globaleconomy #macroeconomics #tutor2ueconomics Trade liberalization refers to the removal or reduction of barriers to international trade, such as tariffs, quotas, subsidies, or other restrictions. It aims to promote economic efficiency, growth, and development by increasing market access, reducing costs, and enhancing competition. Here are some key aspects of trade liberalization: Types of barriers: Trade barriers that may be liberalized include tariffs (import taxes), quotas (quantitative limits on imports), subsidies (financial support to domestic producers), and non-tariff barriers (such as technical regulations, health and safety standards, or labeling requirements). Rationale: Trade liberalization is based on the principle of comparative advantage, which suggests that countries can benefit from specializing in the production of goods or services they produce most efficiently and trading with others. Mechanisms: Trade liberalization can occur through unilateral, bilateral, regional, or multilateral agreements or policies, such as free trade agreements, customs unions, or the WTO rules. Benefits: Trade liberalization can lead to lower prices for consumers, increased export opportunities for businesses, improved resource allocation, and increased economic growth and development. Challenges: Trade liberalization can also lead to job losses or displacement in import-competing sectors, increased inequality, or other economic and social costs, particularly in the short run.