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Question: Critically assess the argument that countries will be better-off if they engage in international specialization and trade. One of the most remarkable features of the post-war world economy is liberalisation of international trade. Change in trade policy strategies and the trade policy environment are among the reasons why trade has grown nearly five times faster than world output (as Chart 1 show) and also why global trade growth increased by 9 per cent in 2004, more than twice as fast as output1. But is this strategy of specialisation and trade really a good way how to make countries better-off? Chart 1 Growth of World Exports of Manufactures and GDP, 1950-2003 (1950=100) Source: World Trade Organisation For a country to become richer there is only one way how to achieve it and this is through increase in production of goods and services. In order to do so, it must be able call...

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