I am a law student at the University of Melbourne. My question is: How does globalization relate to trade liberalization and deregulation?
Globalization is a process in which products, capital, and labor become increasingly able to move between countries. It faces three main obstacles: 1. Legal barriers between countries include import quotas, tariffs, immigration restrictions, and restrictions on the movement of capital. 2. Physical barriers are the time and cost of moving products, labor, and productive resources. 3. Cultural barriers include different business practices and different languages. Trade liberalization and deregulation address only the first category of obstacles. Eliminating these obstacles is an important step, but not the only one. A recent study by the U.S. National Bureau of Economic Research — I’m afraid that I don’t have the citation at hand, but you could find it by searching the NBER Web site — found that the costs of doing business internationally have dropped a lot in recent years, and this contributes to the globalization process. Also, of course, all developed countries have faced massive im
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