Free Trade = Reducing Protection?? (1 Viewer)

[kt8]

Hey guys,

So would 'the advantages and disadvantages of free trade' be the same as the 'benefits and costs of reducing protection'?

Also, if there's a question that asks you to discuss Australia's policies regarding free trade and protection, there will be two parts to your answer??

Cheers.

 

[phatic]

First question: Yes.

Second: Not really... free trade means zero protection levels, so its basically the same thing. Just talk about microeconomic reform.

 

[Bambul]

For the second part I would do a chronological essay. Do a bit about the theory of free trade/protection, then talk about how Australian trade policy has evolved. Starting with the Hawke/Keating government (although you may want to mention the 25% across the board tarrif cut by Whitlam in the early 70s), through to the FTA with the USA, the removal of the nuisance taxes, potential FTAs with China or Japan and the future of Australia's role in relation to trade organisations (WTO/APEC/ASEAN).