In the face of global economic volatility and shifting supply chains, several developing nations have pivoted away from free trade. Instead, they have adopted targeted import controls—such as tariffs and quotas—alongside domestic subsidies to nurture domestic manufacturing and protect key sectors.
Evaluate the economic consequences for a developing country of your choice of shifting from free trade towards targeted import controls and domestic subsidies.
103 exam-style questions on Edexcel A A Level Economics 4.1 International economics, covering 4.1.1 Globalisation, 4.1.2 Specialisation and trade, 4.1.3 Pattern of trade, 4.1.4 Terms of trade, 4.1.5 Trading blocs and the World Trade Organisation (WTO), 4.1.6 Restrictions on free trade, 4.1.7 Balance of payments, 4.1.8 Exchange rates, and 4.1.9 International competitiveness. Each one has a worked solution and a mark scheme showing where the marks go.