International Trade: Trends in International Trade and the Economy
In recent years many developments are occurring within the world of international trade. These developments are vital to ones understanding of world economy and trade. As technology continues to advance the rate at which corporations can communicate across distant localities, more and more organizations are finding new ways to not only communicate but also trade products and services.
This paper will focus on recent trends and patterns in trade and their effects on the economy. The paper will also examine the potential benefits international trade has to offer participating nations compared with any negative effects free trade may have on the economy or citizens of a particularly nation. One of the more recent developments in international trade is recognition by economists of the importance of understanding industrial organizations from a theoretical perspective (Grimwade, 2000). Hence this paper will also attempt to apply multiple economic theories to help explain international trends in trade.
International Trends
In the last several decades' rapid economic growth has characterized the world economy (Grimwade, 2000). Output is generally growing at a much more rapid pace that in other periods in history, resulting largely from the increase in international trade occurring throughout the world (Grimwade, 2000). International trade has in fact grown faster than global output, resulting from much specialization in global trade between varying nations (Grimwade, 2000). The more specialized an industry becomes the less impact on output, which is why the growth in trade without recent growth in output suggests that more nations are specializing in niche areas of trade (Grimwade, 2000).
Trends in international trade also include more interdependence between nations. Thus what happens in one portion of the world is more likely to influence another due to increasing dependencies among formerly competitive nations; this in turn has resulted in governments experiencing greater difficulty "pursuing independent macroeconomic policies" (Grimwade, 2000: 2).
Yet another trend...
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