Jul 19, 2017 Research papers

why countries impose trade restrictions if ‘free trade’ is the best policy

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International Economics

INSTRUCTIONS:

1) Examine on the basis of existing theories and experiences of the developing countries why the extent to which factor availability is no longer an effective explanation of the competitiveness of countries.



2) Discuss why countries impose trade restrictions if ‘free trade’ is the best policy. On the basis of economic theoryexplain why the WTO is a good idea. Analyse also why WTO negotiations in the past had experienced difficulties.



3) Critically access that the US dollar will be replaced as a global reserve currency in the next ten years? To what extent do you regard that will enable the global economy to avoid currency crises?

CONTENT:

(Option2): Discuss why countries impose trade restrictions if ‘free trade’ is the best policy. On the basis of economic theory explain why the WTO is a good idea. Analyse also why WTO negotiations in the past had experienced difficulties. Name: University: Instructor: Date: Table of Contents HYPER13 HYPERLINK l "__RefHeading___Toc408596065"HYPER141.0 Introduction3 2.0 Free Trade4 2.1 Market access5 2.2 Comparative advantage5 3.0 Trade Restrictions6 3.1 Import tariffs7 3.2 Quantitative restrictions7 3.2.1 Subsidies8 3.2.2 Standards and embargos8 4.0 Logic behind Trade Restrictions9 4.1 Protection of infant industries9 4.2 Anti-dumping policy11 4.3 National security12 4.4 Environmental sustainability12 4.5 Job protection13 5.0 WTO and Economic Theory14 6.0 Challenges Facing WTO in the Past17 7.0 Conclusion19 8.0 Bibliography21 HYPER15 1.0 Introduction Over the last several decades and more specifically since the World War II, international trade has witnessed a tremendous growth. The increase in the volume of international trade has been regarded as the primary cause of globalization which has seen world trade increase by over 8 fold since the end of the war. Today, consumers around the world are continuously enjoying a broader selection of goods with domestic products facing an increased competition from imports from other countries. Further, international trade has been associated with increased job opportunities, incomes, increased earning power and re...



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