What role does trade liberalization (i.e., reducing barriers to trade) play in fostering economic growth and development? In your response, address the following points succinctly:
- What effect do lower trade barriers have on the price of domestic goods?
- What effect do lower trade barriers have on domestic producers of products that compete with imports?
- What additional economic development benefits might trade liberalization bring to a developing country (e.g., knowledge)?
- If you can, suggest mechanisms that could make the liberalization process more beneficial to economic development.
Your paper should be 4-6 pages long and well written. Support your answers using 4-6 peer-reviewed articles/professional sources in addition to the textbook. Note that written assignments must have a title page, section headers, introduction, conclusion, and references page. Use of the CSU-Global Guide to Writing & APA is required in all your written papers.