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Free Trade's Impact on Developing Economies

Discuss whether or not opening up to free trade benefits an economy.

Category:

International Trade and Exchange Rates

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Answer

1. Understand the definition of free trade and its importance in the global economy. This will help you to frame your arguments and provide a clear understanding of the benefits and drawbacks of free trade.

2. Use specific examples to support your arguments. This will help to illustrate the impact of free trade on different sectors of the economy and provide a more nuanced understanding of the benefits and drawbacks.

3. Consider the potential counterarguments to your position and address them in your essay. This will help to strengthen your argument and demonstrate a thorough understanding of the complexities of the issue.

STEPS TO WRITE ESSAY 💡MAIN POINTS💡OVERVIEW

I. Introduction
A. Definition of free trade
B. Importance of discussing the benefits and drawbacks of free trade
C. Thesis statement

II. Benefits of opening up to free trade
A. Increased choices from imports
B. Access to products that cannot be produced domestically
C. Reduction in prices
D. Increase in standards of living
E. More competition from imports
F. Improvement in quality
G. Increase in productivity
H. Encouragement of foreign investments
I. Increase in employment
J. Decrease in unemployment
K. Increase in capital spending
L. Increase in innovation
M. Opportunity for specialization
N. Increase in exports
O. Increase in GDP/GDP per capita/income
P. Avoidance of retaliation from trade restrictions

III. Drawbacks of opening up to free trade
A. Adverse effects on domestic producers
B. Inability to compete with foreign firms
C. Increase in unemployment
D. Increase in imports leading to current account deficit
E. Dependence on other countries
F. Possibility of other countries gaining monopoly power
G. Removal of tariffs leading to reduction in government revenue

IV. Conclusion
A. Restate thesis statement
B. Summary of benefits and drawbacks of free trade
C. Final thoughts on the topic.

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