Economic Analysis: The International Trade Market
International trade plays an historically large role in the growth and prosperity of countries around the globe. Similar to the benefits that open trade within a country brings to that country's respective economy, trade on the international front improves the global market economy significantly. Trade generates competition, promotes the transfer and utilization of new technology and allows countries, customers, and businesses alike to access to the world's best products. Trade in the international market brings about the capacity for innovation, high productivity and rising incomes and economic standings for each country that chooses to engage in it. However, certain strategies, regulations and methods must be employed within the international market to ensure success and smooth operations in each respective country that becomes involved in world trade.
Governmental Role in International Trade
The government plays a very specific role in the field of international trade and can be found in different levels of economic integration within the markets which impacts the international market in a very viable way. In beginning international trade, a foreign country with an appropriate demand profile is identified, institutional barriers, trade barriers, administrative regulations, commercial law enforcement standards are identified and adhered to by the government and trade is able to commence between nations (Winter-Nelson, 2007, p. 60).
Despite the notion that economically speaking, government should play no role in the market, the fact remains that these countries do play a large role in the market, especially on the regulatory level. Countries' governments oversee the operations of international trade through the passage of laws that deal with the internal structure of trade operations within its country such as setting trade regulations, assessing unfair trade laws pertaining to international trade specifically and the like; the government also has the capacity to deal with international dispute settlement procedures within its own country's court system (Lowenfield, 2001, p. 410). In dealing with the legal and structural...
Economics of International Trade China Exploring the Economics of International Trade: China "Chinese international trade has experienced rapid expansion together with its dramatic economic growth which has made the country to target the world as its market," and its expansion has only continued to show powerful growth within the international economic marketplace (Sun & Heshmati, 2010, p 1). After China was reopened to trading with the West in 1978, the country has
08% 2.42% 2.78% 2.57% 2.69% 2.69% 2.54% 2006 3.99% 3.60% 3.36% 3.55% 4.17% 4.32% 4.15% 3.82% 2.06% 1.31% 1.97% 2.54% 3.24% 2005 2.97% 3.01% 3.15% 3.51% 2.80% 2.53% 3.17% 3.64% 4.69% 4.35% 3.46% 3.42% 3.39% Trade deficit The United States trade balance has been showing deficit since the 1970s, but the rapid growth of trade deficit started in 1997. The highest record of trade deficit was marked last year, as deficit of
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This also determined the development of tourism in Bahrain. The economic development of the country and the local culture has attracted an important number of tourists that are interested in visiting Bahrain. This also helps continue the tradition of pearl diving, but as recreational and touristic attractions. Recommendations It is difficult to identify future steps that can minimize the impact of globalization on the Bahrain pearl market. Basically, the country cannot oppose
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