chapter  4
A FISCAL APPROACH TO LIBERALIZATION POLICY
ByMiguel A. Fernández-Ordoñez, Carlos Ocaña
Pages 15

Liberalization3 policies are booming. The last GATT round negotiations that were closed in Marrakesh have almost completed the liberalization of industrial goods trade that was initiated after World War II. They have also created some possibilities of trade liberalization in agriculture, still a highly protected sector all around the world. In contrast with trade liberalization, the vast liberalization of the international movement of capital has developed without special negotiations at an international level; however, it owes a great deal to the profound liberalization reforms of the domestic financial system adopted in many countries during the last decades. Finally, labor market regulations are under review in those countries-mainly European-which have disproportionate unemployment rates.