international trading policy consisted of ensuring a highly protective trade regime until the late 1980s. Tariff rates were excessively high and non-tariff barriers kept competing imports away from the domestic markets. It was only in the 1990s that trade liberalization policies were initiated. During the period of protection the manufacturing and tax revenues grew by less than 5% annually. Once the tariff reforms were adopted manufacturing, revenues and exports have all grown in double…
Thesis: Political liberalization and democracy do not always follow capitalistic reforms. One way to describe China’s political culture is a subject society. Chinese society and politics are shaped by the communist party and elites, and the Chinese people are unable to change this. In the book, the author describes news blackouts which prohibit any covering of the specified topic. In fact, around the anniversary of Tiananmen Square, the covering of any bad news is prohibited, and the government…
without taking into consideration the different levels of developing and the specific economic situation of the country would be an ineffective and meaningless effort at such integration (Kaldor, 1981) Can developing countries benefit from trade liberalization…
eventually ran over the south territory, and finally uniting Vietnam as one. Vietnam was predominately a communist orientated country till 1986, when the “doi moi” renovation policy was enacted. The policy served as purpose to facilitate economic liberalization so Vietnam would have more competitive export driven industries. This policy nonetheless led Vietnam to more a capitalistic economic structure. The ethnic groups…
latter part of the 20th Century as many developing countries began their economic liberalization. A notable example is China, which introduced economic reforms in the late 1970s, opening up the country to foreign investment. Another example is the case of Central and Eastern European countries that introduced major institutional and economic reforms after the fall of the Soviet Union in the early 1990s. Economic liberalization continued into the new century as more countries opened up their…
Some statistics show that about 75 developing countries and those who are in transition fit the representation of shortfall in trade liberalisation. These countries predominantly hinge on the production of traditional commodities as oppose to countries that embrace free trade and specialise in producing a wider range of goods. The marginalisation of these developing countries is believed to be caused by severe structural problems, poor political frameworks and home refuge. To eliminate…
Formation of Regional Trade Blocs WHY DO BLOCS TRADE ? [Paper 1] The basic question we try to address in this paper is whether regional trade agreements affect multilateral trade liberalization i.e, whether Minilateralism and Multilaterism are friends of foes. We also try to find out the various reasons responsible for the formation of Regional Trade Blocs and Free Trade Agreements. MINILATERALISM vs MULTILATERALISM There are two usual ways in which the respective governments might…
Keywords: Global Financial Liberalization, Fannie Mae, Freddie Mac, and Asian Financial Crisis Financial Crisis Our nation has encountered a few financial crises throughout our history. One that we all may remember is the great depression. A financial crisis occurs when there is not enough money and credit moving through our nation. Causes of the Global Financial Crisis There is not one specific reason…
Introduction Before discussing the benefits and drawbacks of free trade, I would like to explain the meaning of “free trade”. Free trade is a trade where countries carries out economic activities without restrictions or barrier such as import and export tariffs, barrier to market entry and policies. There are several main features of free trade.These main features are the benefits of free trade,as for me: Free movement of labour and capital among countries. Free movement of labour and…
The level of development of the three countries are different so the gross national income per capita shown in 2005 for Mexico, Canada and the U.S. are 7,300 dollar, 32,600 dollar and 43,740 dollar respectively. The Mexico shows the least gross national income per capita because there is an assumption that agriculture of Mexico will be enhanced by modernized and will become more productivity in future but in fact NAFTA does not provide financial aid to Mexico to this end for achieving the goals…