INTERNATIONAL TRADE
One of the commonly accepted economic propositions is that free trade is a determinant and creator of economic growth. This has been justified based on arguments that free trade permits specialization and enables countries to benefit from production in areas of comparative advantage. However, Irwin (1996) has documented the reservations made by numerous skeptics and hence despite the fact that falling under mainstream acceptance, it is worthwhile noting that it is not so clear-cut. This is backed by the observations of swings from liberal trade regimes to protectionist oriented phases and then back to liberalization. World trade is indispensable in promoting the welfare of different nation states. While there is no conclusive evidence of a casual link between world trade and economic growth, different researchers have demonstrated that there ex
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Approximate Word count = 596
Approximate Pages = 2 (250 words per page double spaced)
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