Final answer:
Trade liberalization should be thoughtfully and carefully phased in to balance the benefits of free trade with the adjustments needed in the economy, avoiding overly rapid changes that might lead to economic disruption.
Step-by-step explanation:
To lower adjustment costs, trade liberalization should generally be phased in a manner that is neither too rapid nor too slow. It's a process that should be carefully managed and phased in to address both the economic uplift from the gains from trade and the potential negative consequences that might arise. Instead of selecting extremes like 'Rapid and comprehensive' or 'Without a phased approach', or the overly cautious 'Slow and selective', experts often recommend a balanced approach. This method helps to mitigate the shock to industries and economies, allowing them to adapt to new competition and market conditions, with less risk of economic whiplash from sudden changes. The common belief among economists is that embracing the benefits of trade and using other policy tools to handle tradeoffs and costs is better than cutting off trade to avoid those costs and tradeoffs.