1500 word essay on Trade Liberalization & Results, consistent with the attached powerpoint presentation.

In simple words the essay is basically the presentation put into words with good citation and backed by academic sources. The essay should contain good quality of analysis, backed by factual content and well structured. JUST TRY TO STICK TO THE PRESENTATION, but feel free to add something if you feel its necessary. Presentation is attached below and also an important source is attached below.
final_presentation_v2__2_.pptx

chang_reclaiming_ch_7_trade_and_industry__1_.pdf

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FREE TRADE
LIBERALIZATION AND
RESULTS
HARSHVARDHAN BHOSALE, J. NICOLO SAUL HERNANDEZ, ANTOINE JORIS, TARO
KUROIWA, KEVIN RADJAH HIRIDJEE, DORU CATALIN RADULESCU
TABLE OF CONTENT
• The case of free trade
• Comparative advantage
• Mastering free trade: Singapore
• History
• The case against free trade
• East Asia miracle
• Free trade agreements
• Free trade a road to protectionism
THE CASE OF FREE TRADE
• Free Trade – is international trade left to its natural course without tariffs, quotas, or
other restrictions.
• Free Trade = increased economic welfare for countries involved
COMPARATIVE ADVANTAGE
Ca rs
Toys
Germany
20
35
China
10
32
“There is always some product that can be produced relatively less inefficient”
MASTERING FREE TRADE: SINGAPORE
• Independence in 1965
• Small domestic market
• High unemployment & poverty
• Lack of natural resources
• People’s Action Party (Lee Kuan Yew)
• Educational projects
• Stable political system
• Attracting direct foreign investments
MASTERING FREE TRADE: SINGAPORE
• 1961-2016 average growth of 7,4%/annum
• GDP 2016 was 297 billion USD
MASTERING FREE TRADE: SINGAPORE
• Free trade, high market freedom in Singapore
• Attraction of foreign investment through tax incentives
• Stable government, no corruption
• Government has significant stake in the economy (22% of GDP) through two big sovereign
wealth funds
• value-adding activities through manufacturing
• Financial center
MASTERING FREE TRADE: SINGAPORE
• Entrepôt/ transshipment city
• Manufacturing
• Strategic location
• Multiple free-trade agreements
HISTORY
• Famous quote from an US congressman that remarked in 1821 that English trade theory,
“ like most English manufactured goods, is intended for export, not for consumption at
home. ”
• Extensive infant industry protections were central when developing for the nowadays
Developed countries
• Combination of tariff levels, tariff rebates on imported inputs used in the production of
exports, export subsidies, restrictions on raw materials which were needed by the key
industries
THE CASE AGAINST FREE TRADE
• Comparative advantage lies on assumptions like technology, macroeconomics, industrial
structure and the mobility of labor and capital, which are not met in many countries,
especially in many developing countries.
• Long term economic performance for developing countries can be harmed by
unrestricted trade with industrialized countries.
• Limited mobility of resources.
• Statistical Correlation does not prove causation.
EAST ASIA MIRACLE
• 5.5% annualized growth during the 1965-1990
• Government used mix of state intervention and market incentives
• State-lead industrial policy
>Infant industry protections, export and other business subsidies, directed credit
• The control of market forces was designed to enhance the ability of national firms against
other countries
• As a result, in 1989, 13 Japanese companies ranked in the 20 largest companies in global.
(0 as of now, though)
FREE TRADE AGREEMENTS
• NAFTA/CAFTA DR
• Developed nations and corporations VS. developing
• Investor State Dispute Settlement mechanism
• Brain Drain
• Social and environmental sacrifices
FREE TRADE A ROAD TO PROTECTIONISM
• D. Rodrik “A trade agreement captured by an alternative set of special interests may
make things worse just as easily as it makes them better”
• US-Israel vs US-Singapore (8 000, 22 articles vs 70 000, 20 chapters)
• Trade related intellectual property rights (TRIPs)
• Four main areas: Intellectual property rights, Rules about cross-border capital flows,
Investor-state dispute settlement procedures, Harmonization of regulatory standards
Q &A

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