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International Trade and Finance

Notes production and positive interaction, some countries have created
exceptions to their tariff policies known as free trade agreements or free
trade zones.
2. Empirical Evidence : Empirical evidence (also empirical data, sense experience, empirical
knowledge, or the a posteriori) is a source of knowledge acquired by means
of observation or experimentation. Empirical evidence is information that
justifies a belief in the truth or falsity of an empirical claim. In the empiricist
view, one can only claim to have knowledge when one has a true belief
based on empirical evidence.

9.5 Review Questions

1. Discuss the Impact to the Economy of a Country with the Tariff Imposed on It.
2. What is the Empirical Evidence on the Effect of Tariffs? Discuss
Answers: Self-Assessment
1. (i)(d) (ii)(a) (iii)(c)
(iv)(b) (v)(d) (v)(c)
9.6 Further Readings

1. Evans, G., Newnham, J., Dictionary of International Relations; Penguin Books,
1998.
2. Filanlyason, J., Zakher M., The GATT and the regulation of Trade Barriers: Regime
Dynamic and Functions; International Organization, Vol. 35, No. 4, 1981.
3. Frieden, J., Lake, D., International political economy: perspectives on global power
and wealth, London: Routledge, 1995.
4. Mansfield, E., Busch, M., The political economy of Non-tariff barriers: a cross
national analysis; International Organization, Vol. 49, No. 4, 1995.
5. Oatley,T., International political economy: interests and institutions in the global
economy; Harlow: Longman, 2007.

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