FREE TRADE: A COMPREHENSIVE STRATEGY IN A GLOBALIZED WORLD

In today's scenario of the global economy, no country can be hailed as self-sufficient vis-a-vis the flow of information and goods. Each and every country is engaged in trade by selling its products, obtaining what it lacks and manufacturing more precisely in certain sectors than its 9rivals. This has emerged the need for scholars and researchers to comprehend the concepts of globalization, free trade, trade liberalism, trade protectionism, trade barriers, and international trade. However, the literature regarding the benefits of free trade, trade liberalism, globalization and the demerits of inward-looking economies is still evolving. Thus, the current review paper aims to highlight the impact of free trade and trade liberalization on the development of the world economy. Moreover, it aims to assess the effect of globalization on international trade practices and analyze the impacts of trade barriers and trade protectionism on world economies. The current study eventually believes that it is difficult for the inwardlooking economies to sustain in the long run, thus the economies must adopt free trade practices and globalization to be successful in the competitive world.