Import quotas were found discriminatory in nature since most of the home furnishings material was coming from developing countries like Pakistan. However these quotas later phased out which resulted in the acceptance by third world countries of such issues as intellectual property, services and investments. According to new reports, textiles account for 9.1% of total manufactured goods exports and they form 6.5% of total merchandise exported. This makes textiles

Tariff and Nontariff Barriers The dawn of globalization and the advancement of transport and communication technology have resulted in increased international trade. As a result, various multinational companies (MNCs) such as General Motors, Coca Cola, and Toyota have expanded their international activities. Because of the stiff competition that local producers face, various governments have embraced protectionist policies with the aim regulating international trade. For instance, the U.S. government imposed quotas on

If the quota were to be granted to a domestic resident, then the rent that would be generated would be kept within the domestic economy, and therefore it would be referred to as a 'domestic rent capture barrier'. (Non-tariff Barriers: The Reward of Curtailed Freedom) However, the fact is that though the rent remains at home, what happens is that an inevitable 'income redistribution effect' takes place. This means that

Curtailing ImportsOne of the primary goals of any government is to protect its citizens and industries from foreign competition. By curtailing imports, a government can artificially prop up domestic prices, making it harder for foreign competitors to gain a foothold in the market. It can also protect domestic industries from becoming too reliant on imported goods, which can be subject to sudden changes in price or supply. In addition, curtailing

Identifying Opportunities to Reduce Income Disparities in South Africa Today and In the FutureDespite the end of apartheid in the early 1990s, South Africa remains racially and economically segregated. The country is beset by persistent social inequality, poverty, unemployment, a heavy burden of disease and the inequitable quality of healthcare service provision. -- Katusha de Villiers (2021)In 2019, the World Bank recognized South Africa as the most unequal country in

Intra-Industry International Trade: Benefits and Costs Trade is brought about by specialization. People specialize in those goods and services that they can produce effectively, and since they cannot survive on only these, exchange their surplus production for other items that they need, but do not produce. There are mainly two types of trade in this regard; international and domestic. The domestic form of trade refers to the exchange of trade items