One of the major effects of trade liberalization has been

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Trade liberalization has led to the globalization of supply chains as it has made it easier for firms to trade and invest across borders. This has resulted in increased specialization and the fragmentation of production processes, where different stages of production are carried out in different countries. For example, smartphones may have components manufactured in one country, assembled in another, and then sold in a third country. This has led to increased efficiency and lower costs for firms, and also provided consumers with access to a wider variety of goods at lower prices.

One of the Major Effects of Trade Liberalization Has Been