Question

In today world , How do free trade and free market economy affect today's world? Please elaborate on the arguments that supports free trade policies, as well as the critiques that are raised against these policies.

Answer 1

Free trade and free market are having positive effects on today's world economy.It is removing the different trade barriers among different countries.It is enabling efficient import and export process.it has created trade diversions as an effective sources worldwide.It deals with the substantial changes which includes liberalisation of goods.Free trade are also reducing the input cost of import and also economic growth is promoted.free trade promotes and helps in improving innovation.Incease in wages and also increased investment in infrastructure are leading the economy to more dynamism.
The advantages of free trade policy are:
1) efficiency is enhanced.
2) innovation is increased.
3) much more fairness among companies.
4) overall export and import trade are increased
5)enhance access to better quality and also price of good is lowered.
Disadvantage of free trade policy are-
1)they are considered responsible for outsourcing of job
2)very low cost on import leading to reducing the living cost.
3)this have become a threat to many intellectual and identical properties.
4) working condition have become unhealthy.
5)tax revenue are too less which reduces the income of the government.