CHILD DEVELOPMENT PEDAGOGY

Detailed explanation-1: -Winners and loser of trade liberalization: frictions, rigidities and reforms. rade liberalization brings economic gains to the economy due to efficiency improvements and lower prices. The gains, however, may not be for everybody: export sectors win and import sectors lose. This creates a distributional conflict.

Detailed explanation-2: -Trade liberalisation allows countries to specialise in producing the goods and services where they have a comparative advantage (produce at lowest opportunity cost). This enables a net gain in economic welfare.

Detailed explanation-3: -It benefits countries in different ways. Its positive effects include introducing various products, services, ideas, technologies, etc. It also gives disadvantages like unhealthy competition for domestic entities, overdependence on foreign nations, overexploitation of human capital, environmental damages, etc.