Question

What government policies are likely to restrict international trade?

Are these effects likely to affect that trade?

Has globalization been useful for economic development across the world?

Answer 1

Policies like high tariffs on imports or exports or protection to the domestic firms, or providing subsidies to the domestic firms are likely to restrict trade as the foreign goods becomes expensive and it becomes difficult for it to compete in the domestic market,which will eventually lead to loses. Therefore the foreign firm may not be interested in trade.

Yes these policies affect trade as similar policies will be implemented by the other countries to counter such policies and protect their firms.

Yes, globalization has been useful for economic development across nations as it leads to a better product range for the consumers and cheaper products due to competition. Also it has increased foreign investment in domestic firms and lead to firms setting up a global markets for themselves.