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What is trade liberalisation?
Removal/reduction of trade barriers
What are the benefits of trade liberalisation?
Can obtain the cheapest supplies
Increase in market size
What is a disadvantage of trade liberalisation?
Infant/domestic industries can’t compete with large MNCs
What are the factors that lead to increased globalisation?
Political change
Migration
Structural change
Reduced cost of infrastructure
Increased FDIs
Increased significance of TNCs
Growth of global labour force