Trade liberalization can boost growth rates from "summary" of Theory of Economic Growth by W. Arthur Lewis
Trade liberalization can boost growth rates through various channels. Firstly, by removing trade barriers such as tariffs and quotas, countries can increase their exports and imports. This can lead to greater specialization and efficiency in production, as countries can focus on producing goods and services in which they have a comparative advantage. As a result, resources can be allocated more efficiently, leading to higher productivity and economic growth.
Additionally, trade liberalization can promote competition in domestic markets. When countries open up their markets to foreign competition, domestic firms are forced to become more competitive in order to survive. This c...
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