The Impact Of International Trade On The Development Of...

Introduction International trade has evolved and expanded significantly in the last 50 years. The expansion in trade has been driven by a reduction in trade barriers and the development of new technology. This has reduced the cost of communication and transport. Outward-looking policies have replaced protectionism policies and have led to the increased openness in markets and free trade. This is known as globalisation and has led to an increase in linkages and the integration of national economies which expanded into international markets. Some say that the term globalization suggests making use of business opportunities, improving trade efficiency, rapid growth and innovation as well as the transfer of such knowledge to developing countries. Others believe however that globalization raises problems such as increased inequality both between and within countries. (Todaro 2010). Developing countries have practised a number of trade policies to foster their manufacturing sector. These policies (which include: import-substitution, industrialisation and export promotion) have helped to build competitive manufacturing sectors in a number of developing countries and have allowed them to achieve high levels of growth. (Todaro 2010). Import substitution and industrialisation (ISI) The belief amongst developing countries after the Second World War is that a creation of strong manufacturing sector will foster and develop their economies. This theory has been employed by emerging orShow MoreRelatedQuestions On International Trade Theory1332 Words   |  6 Pagesnumber: 201109990 Module name: International business Module code: MKIB 225 Essay question: Why do businesses internationalize? Compare and contrast the various â€Å"standard† theories . Word count: 1051 Why does business internationalize? 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