What role does trade liberalization (i.e., reducing barriers to trade) play in fostering economic growth and development? In your response, address the following points succinctly:
– What effect do lower trade barriers have on the price of domestic goods? Include at least one specific example related to a workplace challenge.
– What effect do lower trade barriers have on domestic producers of products that compete with imports?
– What additional economic development benefits might trade liberalization bring to a developing country (e.g., knowledge)?
– If you can, suggest mechanisms that could make the liberalization process more beneficial to economic development.
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