Trade and Globalization

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Trade and Globalization 1Trade and Globalization TABLE OF CONTENTSTRADE AND Globalization ........................................ ........................................ ............................... 2 INTRODUCTION ........................................ ........................................ ........................................ ........................................ ............................. 2 A SNAPSHOT OF Trade ........................................ ........................................ ........................................ ........................................ ........ 3 PRIMER 1: THE ECONOMICS OF INTERNATIONAL Trade .

globalization. The volume of world trade increased twenty-seven fold from $296 billion in 1950 to $8 trillion in 2005.1 Although international trade experienced a contraction of 12.2 percent in 2009—the steepest decline since World War II—trade is again on the upswing.2

  World, Globalization, World war