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?
Support your analysis by referencing and citing at least two credible sources.Â (One can be your text; others may include scholarly journal articles, business or law journal articles, textbooks, news publications, etc.).