Theoretical Controversy and Future Prospects of Free Trade and Trade Protection Abroad
The debate between free trade and trade protection has a long history.With the recent rise of global trade protectionism,the contention between these two schools of thought and their related theories has been reignited.By systematically and comprehensively combing the important literature on the adjustment and implementation effect of free trade and trade protection policies,this paper attempts to distinguish which approach represents the mainstream perspective and explore possible future directions.The findings of this study are as follows.First,the theoretical debate between free trade and trade protection remains divided,but overall,the number of mainstream studies supporting trade liberalization is higher than those advocating trade protection,and free trade remains the mainstream voice in academia.Second,free trade agreement is the main trade policy tool adopted by countries all over the world.Even though the impact of free trade agreements on trade globalization is still controversial,their positive effects on trade liberalization among Member States are well-established.Third,free trade agreements have a positive impact on national economic growth,corporate development,consumer welfare,and environmental governance,demonstrating significant welfare effects.They are a dominant strategy adopted by countries in the context of global transformations.Based on the perspective of literature review,this paper not only provides theoretical support for China's opening-up strategy,but also offers a theoretical response to the forces of global trade protectionism.
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