Question

bailey et al. applies a functional-institution approach to explain the trade liberalization in america since the introduction of the reciprocal trade agreement act (rtaa) in 1934.

Answer 1

Yes, the statement is true.

The Reciprocal Trade Agreements Act (RTAA) of 1934 has long been hailed as a straightforward institutional reform with revolutionary effects; specifically, the RTAA is held accountable for the dramatic liberalization of U.S. policy that began in the 1930s and 1940s by altering the way trade policy is decided in the country.

What is meant by liberalization?

The easing of government restrictions or liberalization. Liberalization is most frequently used as an economic term, despite occasionally being connected with the easing of laws governing social issues like abortion and divorce. It specifically alludes to the easing of financial and trade restrictions on a global scale. Deregulation, or the removal of government restrictions on business, is frequently equated with liberalization. Both terms are typically used to refer to the liberation of markets from government intervention, despite the fact that in theory, they are different (liberalized markets can still be subject to regulations, for example, to protect consumers).

The advantages of liberalization and deregulation are hotly contested. Both are fundamental tenets of the "Washington consensus," a collection of market-oriented policy recommendations neoliberal economists have pushed for developing nations to pursue economic growth.

Thus, the statement is correctly stated.

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