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Essay / Research Paper Abstract
This 8 page paper is written in two parts. The first part discusses the general economic effects of the liberalisation of international trade. The second part considers which, in theory, is more important for economic growth; more capital and labour or greater efficiency in the use of productive inputs? The bibliography cites 6 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TElibtrade.rtf
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Unformatted sample text from the term paper:
enter the arena and gain entrance to new markets. The concepts of Adam Smith and Ricardo with theories of why international trade indicate the advantages that take place when there
is the ability to trade internationally, creating wealth for the different countries and companies and allowing the sharing of wealth with greater If we look at the way liberalisation
has impacted not only on production but also on trade between 1950 and 1994 the output increased by more than five times, however the level of trading increased disproportionately with
14 the amount of trade taking place in 1994 than in 1950 (Trade point, 2003). There is a high level of evidence that trade liberalisation benefits many of the
poor countries allowing them to develop economically at a faster rate that would have occurred without international trade liberalisation (Dollar and Kraay, 2004). Dollar and Kraay (2004) find that the
developing countries which have been adopting the trade liberalisation polices are catching up with the richer developed countries, whilst countries that are not following the trade liberalisation policies are not
catching up, but falling further behind. Many organisation support trade liberalisation, these include the World Trade Organisation, the International Monetary Fund as well as many organisations such as Oxfam and
the United Nations (Beattie, 2002). Trade liberalisation may increase the support that is gained form other nations with investments and the development of new jobs, but the problem is gap
between the nations that is seen at the beginning which can lead to increased disparity and greater gains to be made by the developed nations taking advantage of the poorer
nations. The liberalisation of trade decreases barriers, as such new competitors can enter markets. For developing nations there is a lower level of competence in dealing with a liberalised
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