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Essay / Research Paper Abstract
This 4 page paper discusses world trade and world output, international trade, and what might happen if trade stopped. Bibliography lists 3 sources.
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4 pages (~225 words per page)
File: D0_HVWorTra.rtf
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world output, international trade, and what might happen if trade stopped. World Trade and World Output World trade more than tripled between 1980 and 2002, but world output "only doubled"
during that same period (Dean). "The rise in trade relative to output is common across areas and regions, although the relative growth in trade and output varies greatly" (Dean). Why
is this so? Many factors influence this relationship, but Dean suggests three major influences. First, the cost of trade is falling. "Transportation, communication and search, currency exchange and tariffs are
all examples of costs incurred when trading goods internationally" (Dean). These costs have fallen significantly during the last 20 years, with the result that trade has increased (Dean). Second, there
appears to be greater "[P]roductivity growth in the tradable goods sector" (Dean). That is, there is substantially greater growth in the production of goods that can be traded than in
those that are not traded (Dean). This has the effect of "increasing the ratio of trade to output" (Dean). Finally, in general, most countries are experiencing an increase in per
capita income (Dean). "As a countrys income rises consumers tend to shift their spending away from basic food and clothing products and into manufacturing goods, which may offer more scope
for product differentiation, diversification and international trade" (Dean). It is not unusual any longer to buy a car that has been built in one country using parts from several others,
for example. As the global marketplace continues to evolve, so will international trade. International Trade There are several interesting things to note about international trade. First, most international trade
takes place between "private individuals and private enterprises" (International trade in history). Governments sometimes sell things to each other, but these transactions "comprise only a small percentage of world trade"
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