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Saturday, November 14, 2009

“Describe the positives of trade liberalization” is the fourth semester SMU MBA assignment question of International Business Management of MB0037.

Liberalization is another aspect of globalization. Both are two faces of one coin. Liberalization is known for free trade and business. In the global era, liberalization has a greater positive aspect for trade and business.

Liberalization gives a policy to make an economy open to trade and invest across the world with suitable growth. In the capitalist and imperialist era, no country has achieved economic success and substantial increases in living standards for its people without being open to the rest of the world.

To open up economy to the global economy, a country has developed competitive advantages in the manufacture of certain products in the global world of market. For examples, we can take some countries that have opened their economies in recent years such as – India, Vietnam and Uganda, have experienced faster growth and more poverty reduction.

Liberalization advocates the aspect of free trades. In the recent era, free trade has given so many befits for the poor especially. Liberalization has created many new jobs for unskilled workers also.

Free trade has been the most successful aspect for developing countries and industries. It has changed culture and society also with new working culture. Developing countries would gain more from global trade liberalization as a percentage of their GDP than industrial countries, because their economies are more highly protected and because they face higher barriers.

Although, there are only benefits from improved access to other countries’ markets, countries benefits most from liberalizing their own markets. The main benefits for industrial countries would come from the liberalization of their agriculture markets. Developing countries would gain about equally from liberalization of manufacturing and agriculture. The group of low-income countries, however, would gain most from agricultural liberalization in industrial countries because of the greater relative importance of agriculture in their economies.

In the recent era, in every field of life protection has been removed. Liberalization is taking part as open trade. This concept is very harmful for an undeveloped country and it sovereignty. Liberalization has never followed any barrier in its growth. So, in the age of liberalization or globalization only that fish can survive that are big.


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