Trade Liberalisation
The removal or reduction of trade barriers (tariffs, quotas, regulations) between countries to facilitate freer internat...
Real World
China's entry into the WTO in 2001 opened its markets to foreign businesses and flooded global markets with cheaper goods, benefiting consumers worldwide but decimating textile industries in countries like the UK.
Exam Focus
Balance arguments — trade liberalisation questions expect both beneficiaries and losers for full evaluation marks.
How well did you know this?