The tremendous growth of international trade over the past several decades has both affected and been affected by of globalization. The volume of world trade since 1950 has increased twenty-folds-from $320 billion to $6.8 trillion, which exceeds expansion in the rate of production by three times. As a result, consumers around the world now enjoy a broader selection of products than ever before. A host of U.S. government agencies and international institutions has been established to help manage this ever-growing flow of trade. Although increased international trade has spurred tremendous economic growth across the globe-raising incomes, creating jobs, reducing prices, and increasing workers' earning power-trade can also bring about certain kinds of economic, political, and social disruption. Insights for Students into Trade and Globalization examines the fundamental economic principles behind international trade, familiarizes readers with the associated technical terminology, and offers insights into some of the controversies surrounding international trade policy both in the U.S. and abroad. This book is also excellent supplemental material for students in grades 9-14 in world history, culture studies, and economics.
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