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Economics Development with International Trade - Essay Example

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Economics Development with International trade It is widely believed that Adam Smith, in 1776, highlighted the positive effects of the international trade on the economic growth of a country. The same international trade was given a respected position as the driving force behind the quick economic growth in the 60’s owing to some successful studies and experiments…
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Economics Development with International Trade
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Economics Development with International Trade

Download file to see previous pages... The recognition of such an impact has forced several international organizations such as World Bank, United Nations and World Trade Organization to forward endless proposals to open the borders to trade. Since then, many countries have reduced their commercial as well as non-commercial barriers to trade which has greatly helped to strengthen their economy. (Spanu, 2003) However, the economists worldwide are divided into two groups: one believing that the resultant impact is positive, while the other considering that the impact is largely negative. One group of the policy makers and economists believes that the international trade has positively affected the economic growth of the developing nations. An analysis of performance of several Latin countries was undertaken by a research group. It identified the economic impact on the Latin economies from the increased trade opportunities. The group concluded that the increased trade will open new employment opportunities for the concerned nationalities. In a high case scenario, it will lead to a creation of 2.7 million jobs. (Latin American Trade & Transportation Study) The research work of the past shows the international trade affects the economic growth of a country in a positive way. ...
Kavoussi (1984) studied 73 different countries in the middle and low income range and concluded that the higher economic growth rates were strongly correlated with higher export growth rates. (Sun and Heshmati, 2010) People’s Republic of China is one of the greatest examples of the present history that illuminates the openness to international trade positively impacts the economic growth. The open door policy, followed by China, has led the country to achieve a high economic growth rate, enormous flow of foreign exchange into the country as well as paved way for increased employment opportunities. It has led to drastic improvement of the local industries and advancement of technological sector as well. Since 1979, China’s share in global trade has increased steadily. In 2008, it share in the world trade market was 7.9 percent and was ranked third in terms of trade volume in the world. (Sun and Heshmati, 2010) India is another case that illustrates the fact that trade liberalization impact the economic development of the concerned nation. The new Indian policy of Liberalization, Privatization and Globalization (LPG model) followed by them in 1990s was aimed at making the Indian economy globally competitive and fastest growing economy in the world. This shift in policy in 1991 paved way for tremendous improvement in every sector of the Indian economy as well as uplift of the billion people. The policy paved way for the integration of the Indian economy into the world economy in less than 15 years. (Malik, 2012) Uri Dadudh, Director of the International Trade Department of the World Bank, strongly believes that the trade liberalization will positively ...Download file to see next pagesRead More
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