1. International Trade and Economic Growth
... 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 exports to less than 7% of world GDP by 1950. Since 1950, world trade as a ... the less efficient non-export sector to the higher productivity export sector and improved production efficiency. International trade increases economic growth and welfare, because: 1) In many cases domestic market is relatively...
- Word Count: 1844
- Approx Pages: 7
- Grade Level: Undergraduate