Trade and globalization. International trade in history (differences of international trade today from economic exchange conducted centuries ago in its speed, volume, geographic reach and diversity). Efforts to manipulate trade international.
Unit II International Trade Middleman, domestic transactions, international transactions, export, import, developing countries, industrial countries, production surplus, trade flows, free trade, tariffs, guarantee restrictions, embargo, sanctions, export subsidies. Trade and globalization The tremendous growth of international trade over the past several decades has been both a primary cause and effect of globalization. The volume of world trade increased twenty-seven fold from $296 billion in 1950 to $8 trillion in 2005. Although international trade experienced a contraction of 12.2 percent in 2009-the steepest decline since World War II-trade is again on the upswing. As a result of international trade, consumers around the world enjoy a broader selection of products than they would if they only had access to domestically made products. Also, in response to the ever-growing flow of goods, services and capital, a whole host of U.S. government agencies and international institutions have been established to he
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