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Essay Details:
Essay text:
Many nations still have a per capita GDP of $1000 or less. These countries continue to be poor because they have high barriers to trade and lack a stable government and infrastructure that can foster an entrepreneurial climate.
For many nations it is very common to impose barriers to trade. These come in the forms of high tariffs and quotas that keep foreign imports expensive and protect domestic markets. While in theory they protect a country's workforce, barriers to trade actually make countries worse off economically by preventing them from being active in international trade. High tariffs prohibit countries from producing goods that they are most efficient in producing, and force them to provide such a wide variety of goods that they become very inefficient...
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