Trade Liberalization

Sanjaya Acharya

Chapter 20 in Palgrave Dictionary of Emerging Markets and Transition Economics, 2015, pp 393-412 from Palgrave Macmillan

Abstract: Abstract Trade liberalization is the removal of tariff and non-tariff barriers in trade, basically international. This has significant macroeconomic and distributional effects. The Heckscher-Ohlin Trade Theorem is the basic theoretical foundation of trade liberalization. The Stolper-Samuelson Theorem, Factor Price Equalization Theorem, and Rybczynski Theorem also have made contribution in the theory of trade openness. Several studies exist in analysing distributional impacts of trade openness. These studies have cross-country comparisons, country-specific partial analysis, and general equilibrium analysis. Although it does not have any robust conclusion, general system approach is more comprehensive in studying different facets of trade integration. More recent studies reveal that trade liberalization of the developing world is growth enhancing; however, economic restructuring is deemed essential in making the impacts pro-poor.

Keywords: International Trade; Growth; Distribution; Unilateral Trade Liberalization; Exchange Rate Reform (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/978-1-137-37138-6_21

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