What is trade? Final Answer..
A Report done by: Kayle Blayze Luberts
“No nation was ever ruined by trade.“
Today's world and globalization: Trade.
Globalization started after World War II. It has really got going since the
1980's and has been growing since. I choose this article because everytime I look
at where my everyday items are made I rarely see USA. Well why is Globalization
has made it possible for Americans to receive items from China to Africa.
Globalization has impacted trade in several ways. It eliminated trade barriers and
reduces others. One barrier is a tariff on imported goods. A tariff is a tax on
imported goods so they're more expensive then goods made in that country.
Countries use this tariff to promote keeping business within the country. With
increased interdependence among nations, globalization has demanded increased
liberalization of markets, the dismantling of almost all trade barriers (Lee, 2005;
Czinkota and Ronkainen, 2007). With all of this trading and services countries are
creating new jobs for each other and promoting flexibility. Countries are become
more independent from the increasing International trade. World Bank, Internation
Monetary Fund (IMF) and General Agreement on Tariffs and Trade (GATT)
created the World Trade Organization (WTO) in 1995. Which played a huge role
in promoting free trade.
5 Interesting Facts about trade
1.)The U.S. Commercial Service helps U.S. companies learn how to export. It also has 258
offices globally to promote U.S. trade in foreign markets.
2.)The 30 richest countries control 82 percent of world trade.
3.)The 49 poorest countries control just 2 percent of world trade
4.)Just 200 huge multinational companies control much of world trade
5.)Australia’s trade accounted for about 1 per cent of world trade
Free trade is not based on utility but on justice.