World trade has significantly increased in recent years, growing from $127 billion in 1960 to $16 trillion by 2008. This growth occurred due to the end of World War 2, the rise of transnational corporations operating across borders, and the creation of an international financial system by allied nations. However, world trade has also experienced crises like the Asian Financial Crisis of 1997-1998 and the global financial crisis of 2008, which impacted economies worldwide before being resolved.