... two main elements of the growing interdependence of the world's economics commonly referred to as globalization. • In 1820, exports as a % of total national output grew only 1% of the total value of world output. By 1870, the advent of railroads and steamships, and reduction of tariffs and other trade restrictions by most of the world's nations, had increased trade to about 5% of the world's output. By 1929, about 9% of the world's GDP was exported. The Great Depression and the sharp increase in ... protectionist trade policies dunning the 1930s, not to mention WWII, had reduced ... ...

• Word Count: 1844
• Approx Pages: 7
• Grade Level: Undergraduate