Annotated bibliography Essay - Part 8
Archibald, R - Annotated bibliography Essay introduction. (1998) .Investment During the Great Depression. Green haven press.
This book helps the reader to analyze the benefits of trade liberalization such as comparative advantage and specialization. This offers a good background to evaluate the negative impacts of tariff barriers on the imposing country and the global market as a whole. It also details the faults of tariff barriers that were contributory factors to the great depression.
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Batiz, L.R. (2003) International trade: theory, strategies, and evidence. Oxford
To perfectly understand the imperfections of imposing import tariffs on the economies of different countries and on the world economy, the writer uses the barriers imposed by organizations such as General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO) as a case in point. Eatwell, J & Taylor, L. (2002).International capital markets: systems in transition.
Oxford University Press US.
In this book, North Africa and the Middle Eastern countries are used to display the limitations of tariff barriers, in spite the small geographical gap between the two regions, trade does not thrive owing to the high tariffs imposed. The effects on exchange rates stability and on the balance of payments is also discussed Hufbauer, G. (1993) An Assessment. Washington, D.C.: Institute For International
Tariffs such as technological requirements forced on young economies can prove pressing and in the process, developing countries sacrifice supplementary commodities which are equally important in order to meet such compulsions. On the other hand, tariffs when imposed may cause the receiving countries to retaliate in score of ways. James, B. (1991) .The U.S. Is Not the Victim of Unfair Trade Practices.Greenhaven
The writer details the inaccuracy in the belief that the protection argument is the ideal solution to guaranteeing that domestic firms are protected. He argues that most governments could err in choosing which firms would be viable to protect in ensuring fast economic growth. In the process, there is inequality in the distribution of resources. Mordechai .K. (1975). International Economics: A Policy Approach. Harcourt Brace Jovanovich.
It is purported that subsidies are the way to go in ensuring that economic growth is realized and not import tariffs, the writer details how the production process is monitored by the government and as such, accountability encouraged. Also, it is proventhat dumping is evident both in local and the global market whether or not tariffs are imposed.
Richard(1998). Elements of Trade. The Dryden Press.
The General Agreement on Trade and Tariffs (GATT) and the World Trade
Organization (WTO) use tariffs as penalties to those producing countries blameworthy of dumping, producers generally increase the prices of goods to recover such duties, as such, tariffs are responsible for high prices felt in the global economy. The solution suggested is to discourage monopoly in domestic markets.
Robert E &. Suchman.O. (1991) The U.S. Should Strengthen the General Agreement on Tariffs and Trade. Green haven Press. Impositions of tariffs lead to price inflation since when prices of commodities go up due to tariffs, consumers have no choice but to buy such commodities, as such, cost increase hence inflation on the value of goods.
Whitehead.(1991) International Free Trade Benefits All Nations. Green haven Press.
When monopolies and oligopolies exist, there is less competition since prices are determined by the same firms and there is no challenge: this therefore means that the level of technology stagnates at one point and that there is less invention. Overall, thanks to tariffs, there is general sluggish development in an economies and this affects the global economy.
Yellen, J. (1998). The Continuing Importance of Trade Liberalization. The Dryden Press.
According to the writer, when tariffs are imposed, consumers get products at an increased price which is harmful to them. On the other hand, producers experience a decrease in production costs, this leads to more productivity or even more manufacturing firms. Increment in the number of firms lead to increase in production costs and other overhead costs.