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Chapter 34: Q.17 (page 832)

What might account for the dramatic increase in international trade over the past 50 years?

Short Answer

Expert verified

Technological development, improvement in transportation

Step by step solution

01

Step 1. Introduction 

International trade refers to the inflow and outflow of goods, services, and resources between countries. Trade benefits both the participants involved.

02

Step 2. Explanation

International trade has grown significantly in the past 50 years as the advancement in technology has made it easier for products as well as people to move between countries. Not only that, innovation has brought the world closer. Development in communication and information technology has made it significantly easier for information to travel anywhere in the world. Consumers in a country are much more aware of products from other countries.

Such developments are also accompanied by a reduction in trade barriers. International treaties and agreements have contributed to a reduction in trade barriers. Thus, easing the flow of trade.

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Most popular questions from this chapter

Does international trade, taken as a whole, increase the total number of jobs, decrease the total number of jobs, or leave the total number of jobs about the same?

Trade has income distribution effects. For example, suppose that because of a government-negotiated reduction in trade barriers, trade between Germany and the Czech Republic increases. Germany sells house paint to the Czech Republic. The Czech Republic sells alarm clocks to Germany. Would you expect this pattern of trade to increase or decrease jobs and wages in the paint industry in Germany? The alarm clock industry in Germany? The paint industry in Czech Republic? The alarm clock industry in Czech Republic? What has to happen for there to be no increase in total unemployment in both countries?

Show graphically that for any tariff, there is an equivalent quota that would give the same result. What would be the difference, then, between the two types of trade barriers? Hint: It is not something you can see from the graph.

Explain how trade barriers raise wages in protected industries by reducing average wages economy-wide.

Do the jobs for workers in low-income countries that involve making products for export to high-income countries typically pay these workers more or less than their next-best alternative?
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