Answer :

To understand the ill effects of free trade and economic globalisation, we must first understand the meaning of these terms. Free trade or trade liberalisation refers to the act of opening up economies for trading with other countries. The opening up of economies implies that trade barriers like tariffs and taxes are brought down. It allows goods and services from across the world to compete with domestic products. At the same time, free trade and globalisation together may have adverse effects on the economies of developing countries. The conditions imposed might prove to be unfavourable for domestic companies and not allow them an equal playing field. Development in transport and communications has made the travel process for goods and services faster than before. But free trade should not only let rich countries to enter in the markets but also give equal opportunities to developed countries to keep their market secured from the foreign products.


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