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Some economists say world and U.S. economic growth is declining. What do you think Why - Assignment Example

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Despite being members of the World Trade Organizations (WTO), most counties still impose restrictions that are aimed at protecting the local…
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Some economists say world and U.S. economic growth is declining. What do you think Why
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"Some economists say world and U.S. economic growth is declining. What do you think Why"

Download file to see previous pages Secondly, it entails unregulated access to markets. This implies that countries can freely enter the international market without any restriction. Thirdly, it involves trading without including taxes or other barriers (Brakman 18). Fourthly, it countries are not restricted in accessing market information thus ensuring that companies within are able to get adequate information concerning global market an aspect that makes them competitive. Another significant aspect of free trade is that it involves trade agreements between states. Despite the merits of free trade especially in the efforts to achieve globalization, it has generated criticism not only in developed countries but also in the third world states.
The first criticism of free trade is that it retrograde development. According to Friedrich List, a German-American economist, regions that have adequate raw materials and natural resources such Africa and Arab countries develop at a slow rate as compared to states without such resources. This is based on the fact that there was a massive exportation of raw materials that was done forcefully leading to slow economic development in the exporting countries. Free trade is argued to use more resources to distribute. For example, critics indicate that delivering of products to other countries results to an environmental impact due to the fossil fuel generated. The fossil fuel also entails other externalities. The cost of reducing the environmental impact is reflected in the market prices of goods making the whole process of exporting expensive. Another criticism of free trade is that it prevents young industries from developing. Based on the importation of external products for example from developed countries, developing countries experience reduction in the demand for local products resulting to restriction of their expansion. The influence of foreign companies is ...Download file to see next pagesRead More
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