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Essay on Trade Liberalization and Economic Growth in Czech Economy

Project id 1008124
Subject area Writing
Document type Essay
Words 2545
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1. Introduction In the current age of globalization, trade liberalization emerges as one of the most serious policy concerns for governments all around the planet, especially for developing countries. Trade liberalization is believed to enhance economic growth and growth through specialization and technological advances (Hoque and Yusop, 2010). The role of trade policy in economic development has become a crucial argument in the development literature for most of the second half of the millennium. Sometime the prevailing wisdom in the 1950s and 1960s preferred import substitution, which in the 1970s and 1980s favorite export promotion/outward orientation (Greenaway et al., 2002). There are lots of empirical studies linking economic growth into the openness of the trade regime (Krueger, 1978; Heitger 1987; World Bank 1987; Romer 1989; Quah and Rauch 1990; Michaely et al., 1991; Dollar, 1992; Edwards, 1992; Harrison, 1995; Savvides, 1995; Bakht, 1998; Onafowora and Owoye, 1998). On the other hand, a few other studies find little empirical evidence to support a link between trade liberalization and economic development (see Sachs, 1987; UNCTAD, 1989; Shafaeddin, 1994; Clarke and Kirkpatrick, 1992; Greenaway and Sapsford, 1994; Karunaratne, 1994; Jenkins, 1996; Greenaway et al., 1997). A potential link between openness and growth continues to be an important element in stimulating an unprecedented wave of unilateral trade reforms, and with more than 100 nations committing to a sort of trade liberalization during the previous 20 decades. Many of these programmes have been voluntary; most nonetheless happen to be tied into the policy conditionality which is central to World Bank Structural Adjustment Loans (SALs). Indeed, trade reforms account for a greater proportion.

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