Trade Liberalisation

The video discusses market-oriented strategies and trade liberalization, contrasting them with interventionist strategies. It highlights the Washington Consensus as a framework for policy reforms in developing countries. The benefits of trade liberalization, such as increased competition and innovation, are explored alongside challenges like structural industry decline and environmental impact. The concept of export-led growth is examined, emphasizing the importance of removing trade barriers and the role of floating exchange rates. The video concludes with a discussion on the future prospects of trade liberalization.

What is the key distinction between growth and development models in theory and the strategies that governments implement in reality?

What role do market orientated strategies play in promoting economic development?

Explain the concept of trade liberalization and its significance for domestic markets.

What are the potential benefits of opening domestic markets to foreign competition?

Describe the types of trade barriers that can exist between domestic and foreign markets.

How can trade liberalization lead to export LED growth in developing countries?

What are the challenges faced by countries in achieving export LED growth?

What are the potential costs associated with engaging in trade liberalization?

How does the World Trade Organization support trade liberalization efforts?

Discuss the impact of floating exchange rates on a country's export performance.