Unit 4.9 - Arguments For and Against Trade Control/Protection
What you need to know and understand:
Key concepts:
Concepts to understand:
- Poverty traps/poverty cycles
- Economic barriers
- Rising economic inequality
- Lack of access to infrastructure and appropriate technology
- Low levels of human capital—lack of access to healthcare and education
- Dependence on primary sector production
- Lack of access to international markets
- Informal economy
- Capital flight
- Indebtedness
- Geography including landlocked countries
- Tropical climates and endemic diseases
- Political and social barriers
- Weak institutional framework
- Legal system
- Ineffective taxation structures
- Banking system
- Property rights
- Gender inequality
- Lack of good governance/corruption
- Unequal political power and status
- Weak institutional framework
- Significance of different barriers to economic growth and/or economic development
Key concepts:
- Scarcity
- Choice
- Efficiency
- Equity
- Economic well-being
- Sustainability
- Change
- Interdependence
- Intervention
Concepts to understand:
- Governments and other economic agents may intervene in an attempt to promote economic well- being and equity in societies.
- The pursuit of sustainability is subject to various constraints.
- Effective strategies should take account of the relevant social, economic, and political context