The size of gain from international trade is determined by several factors discussed below: Factor # 1. Terms of Trade: The terms of trade refer to the rate at which the commodity of one country is exchanged with the commodity of the other country. The terms of trade have the most significant influence on the size of gain from trade [...]
Here is an essay on ‘Free Trade’ for class 9, 10, 11 and 12. Find paragraphs, long and short essays on ‘Free Trade’ especially written for school and college students. Essay # 1. Meaning of Free Trade: The policy of free trade is one which does not impose any tariff or non-tariff restrictions upon free exchange of goods and services [...]
Several arguments are advanced to justify a policy of protection. Haberler has classified these arguments into two groups: 1. Economic Arguments 2. Non-Economic Arguments. These arguments are analysed below: 1. Economic Arguments: The principal economic arguments in support of a protectionist commercial policy are as follows: (i) Infant Industry Argument: The most effective, accepted and sustained argument in support of [...]