Classical and Neoclassical Trade Theory Makes the Case That Free

question 29

Essay

Classical and Neoclassical trade theory makes the case that free trade can bring a country to an optimum and economically efficient use of its resources; and hence is an optimal trade-policy, if the objective is maximizing long term economic growth. There are those who argue that the experience of the Asian Miracle countries, such as Taiwan, South Korea and Singapore verify this argument in the real world. Explain. There are others who argue that the experience of these countries cannot be used to verify or support the argument above. Explain.

---

Definitions:

Electroconvulsive Therapy

A psychiatric treatment in which seizures are electrically induced in patients to provide relief from mental disorders.

Schizophrenia

A persistent psychological disorder characterized by a disconnection among thought, feeling, and behavior, resulting in incorrect perceptions, unsuitable emotions and behaviors, detachment from reality towards fantasy and illusion, and feelings of psychic disintegration.

Antipsychotic Medications

Drugs used to treat symptoms of psychosis such as delusions and hallucinations, often associated with schizophrenia and bipolar disorder.

Alcohol and Drug Problems

Refers to the range of physical, mental, and social issues arising from the abuse of substances like alcohol and drugs.