Essay from the year 2005 in the subject Business economics - Economic Policy, grade: 1,0, University of Glamorgan (Business School), course: International Business and Export Management, language: English, abstract: Trade barriers are closely linked to, if not a direct consequence of, the practice of international trade. Thus, in order to present the context in which this paper will argue, it will start by introducing international trade as a branch of economics, briefly outline its history and contrast a number of common economic theories. Some of these advocate free multilateral trade as a means to generate greater welfare for all participants whereas others see trade barriers as a necessity. The historical and theoretical overview will lead to the description of today's status quo in international trade relations. Building upon the illustration of the triad's role in contemporary international business the study will turn towards the discussion of the implications of trade barriers in the triad communities and examine if their reduction would be beneficial or unfavourable. Thereto trade barriers in the three economic blocs of the triad and their rationale will be presented first. The study will then proceed by highlighting the effects of these trade barriers on developing countries, on the applying countries themselves and on other members of the triad. In doing so the study will contrast the trade barriers' potential benefits with the costs they might inhere. Finally the study will discuss environmental as well as ethical aspects of the trade barriers.
Evaluating and concluding on the trade barriers' implications the study will emphasise the overweighing benefits of a drastic reduction of trade barriers in the triad nations and evaluate the likeliness of such a trade liberalisation.