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Assignment 1. Match the terms with their definitions and related facts
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Liberalisation vs. Protectionism
§ The Philosophy of Free Trade: Liberalisation
§ The Truth about Protectionism
§ Antidumping: A Villain or Hero in International Trade?
1.1. The Philosophy of Free Trade: Liberalisation
Free trade, one of the greatest blessings which a government can confer on a people, is in almost every country unpopular.
Lord Macanly
| In this unit, two basic trends in trade policies, i.e. the collection of national policies which affect the quantity and value of a nation's exports and imports, are discussed: protectionism and liberalisation. The former is connected with tariff or nontariff trade barriersimposed by a government to protect a domestic industry. The latter describes the complete or partial elimination of trade distorting government policies. |
(Source:Macroeconomic and International Policy Terms)
Assignment 1. Match the terms with their definitions and related facts.
| 1. Liberalisation(syn.: liberal economics/laissez-faire capitalism/ free trade) | a) Selling state-owned businesses to private investors. This policy was associated initially with Margaret Thatcher’s government in the 1980s, which privatised numerous companies, including public utility businesses such as British Telecom, British Gas, and electricity and water companies. During the 1990s, it became a favourite policy of governments all over the world. |
| 2. Dumping | b) Cutting red tape. The process of removing legal or quasi-legal restrictions on the amount of competition, the sorts of business done, or the prices charged within a particular industry. During the last two decades of the 20th century, many governments committed to the free market pursued policies of liberalisation based on substantial amounts of deregulation hand-in-hand with the privatisation of industries owned by the state. The aim was to decrease the role of government in the economy and to increase competition. |
| 3. Privatisation | c) A policy of promoting liberal economics by limiting the role of government to the things it can do to help the market economy work efficiently. This can include privatisation and deregulation. |
| 4. Protectionism | d) An informal name for the practice of selling a product in a foreign country for less than either (a) the price in the domestic country, or (b) the cost of making the product. It is illegal in some countries, because they want to protect their own industries from such competition. |
| 5. Deregulation | e) The economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over or competition. This contrasts with free trade, where no artificial barriers to entry are instituted. |
Date: 2015-09-23; view: 495; Нарушение авторских прав