Essays on Trade Liberalization in Australia Literature review

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The paper "Trade Liberalization in Australia " is an outstanding example of a marketing literature review. In previous decades, Australia has undergone various rapid changes. In the process, the competition with its Asian pacific counterparts such as India, China and South Korea has intensified in terms of trade (Department of Foreign Affairs and Trade 2009, p. 5). There has been rapid development, huge growth in demand and capacity, improved commodity prices and growth of global trade. The country realized due to comparative advantages they cannot satisfy all the societal needs, therefore have to depend on other countries to supply goods they are not endowed with.

Hence, the country enforced trade liberalization policies from the 1970s which has enabled it to open its market for global trade (Murtough, Pearson & Wreford 1998, p. 1). Since then, Australia has imported goods from low-income countries to satisfy product demands. Based on the information, this report will focus on trade liberation in Australia. Also, the report will discuss the evolution of Australian trade and labour market policy, its benefits and effects on trade liberalization on the economy, globalization and individual competitive firms and industries.

To put this report into perspective, it will first define trade liberalization. 2.0 Definition and overview According to Pugel (2007), trade liberalization is defined as the process of removing or reducing barriers or restrictions on the free exchange of products between different countries. Such a process entails eradication or just the reduction of non-tariff such as quotas and licensing rules, and tariffs such as duties. WacZiarg & Welch, (2008, p. 189) contend that this has been adopted by many countries on the account that advocates of this school of the law believe that trade liberalization reduces consumer costs, fosters economic growth and creates efficiency.

There are two simple means to understand trade liberalization; this topic can be understood through an analysis of comparative advantage and analysis of the effects of tariffs (Blinder 2008).

References

Banks, G 2003, Gaining from trade liberalization: some reflections on Australia’s experience,

Productivity Commission, pp.1-17.

Blinder, A.S 2008, "Free Trade", In David R. Henderson (ed.), Concise Encyclopedia of

Economics (2nd ed.), Indianapolis, Library of Economics and Liberty

Department of Foreign Affairs and Trade (DFAT), 2009, Benefits of trade and trade

liberalization, Centre for International Economics Canberra & Sydney, pp.1-50.

Fazzone, P.B.2012, The Trans-Pacific Partnership—Towards a Free Trade Agreement of Asia

Pacific? Georgetown Journal of International Law, Vol. 43, No.3, pp. 695–743.

Ghani, G.M 2011, The Impact of Trade Liberation on the Economic Performance of OIC

Member Countries, Journal of Economic Cooperation and development, Vol.32, No.1,

pp.1-18.

Kneller, R, Morgan, C.W & Kanchanahatakij, S 2008, Trade Liberalization and Economic

Growth, World Economy, Vol. 31, pp. 701-719.

Murtough, G, Pearson, K & Wreford, P 1998, Trade Liberalization and Earnings Distribution

in Australia, Industry Commission Staff Research Paper, AGPS, Canberra, pp.1-67.

Pugel, T. A 2007, International Economics, 13th edition, New York, McGraw-Hill Irwin.

Steven, B, Garretsen, H, Marrewijk, C.V, Witteloostuijn, A.V 2006, Nations and Firms in

the Global Economy : An Introduction to International Economics and Business,

Cambridge: Cambridge University Press.

WacZiarg, R & Welch, 2008, Trade Liberalization and Growth: New Evidence, World Bank

Economic Review, Vol. 22, pp187-231.

Wniters, L.A, 2004, Trade Liberalization and Economic Performance: An Overview,

Economic Journal, pp. 114-127.

10.0 Appendices

Appendix 1: shows minimal performance of dairy industry during protection

Appendix 1: shows high performance of dairy industry during deregulation

Source: (Department of Foreign Affairs and Trade 2009, p.45)

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