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Evaluate the success of the WTO and the GATT in tariff reduction.
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Economics Homework Evaluate the success of the WTO and the GATT in tariff reduction. Economic theory suggests that free trade is likely to benefit countries. By allowing each country to specialise, production will take place in locations which enjoy a comparative advantage. World trade expanded m the 19th century but the first half of the twentieth century saw a fall in trade. This was partly caused by the economic disruption of two world wars. The Great Depression of the 1930s also led countries to adopt deeply protectionist policies. Governments mistakenly believed that by keeping foreign goods out, they could save domestic jobs. In practice, all countries adopted the same mix of measures. World trade collapsed, jobs were lost in export industries and consumers were left having to pay higher prices to inefficient domestic producers when before they could buy goods from overseas at cheaper prices. After the Second World War, there...
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