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Asses the impact of trade liberalisation on Australia After the Second World War many countries were devastated both geographically and economically. A trend of protectionalism, first started by the USA was adopted by many nations in an attempt to protect their economies. This resulted in a halt in world trade as high tariffs and quotas were introduced to stop cheap imports invading the domestic market. Tariffs are taxes placed on specific imported goods, also known as import duties and quotas are physical limits on the level of imports in any one year for specific imported goods. This created huge barriers to trade and world trade was reduced to necessity goods that some countries were simply unable to produce. In recent decades Australia has changed its outlook on the rest of the world and has changed from a very inward looking protectionalist state to a liberalised economy with multiple trading partners. Economic...

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