Introduction Part One

Introduction International Trade Growth International Trade Milestones Largest Exporting and Importing Countries International Trade Drivers International Trade Theories The International Business Environment

Introduction International Trade Growth International Trade Milestones Largest Exporting and Importing Countries International Trade Drivers International Trade Theories The International Business Environment

International Trade Growth YearExportsImports

International Trade Growth YearExportsImports

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Introduction International Trade Growth International Trade Milestones Largest Exporting and Importing Countries International Trade Drivers International Trade Theories The International Business Environment

International Trade Milestones The Bretton-Woods Conference (July 1944)

International Trade Milestones The Bretton-Woods Conference (July 1944): created the International Monetary Fund in 1945.

International Trade Milestones The Bretton-Woods Conference (July 1944): created the International Monetary Fund in Provided for an international payment system.

International Trade Milestones The Bretton-Woods Conference (July 1944): created the International Monetary Fund in Provided for an international payment system. --Provided for stable currency exchange rates.

International Trade Milestones General Agreement on Tariffs and Trade (GATT), 1949–94

Tariffs

Country A Country B

Tariffs Country A Country B $50

Tariffs Country A Country B $50

Tariffs Country A Country B $50 $75

Tariffs Country A Country B $50 $75

Tariffs Country A Country B $50 $75

Tariffs Country A Country B $50 $75

Tariffs Country A Country B $50 $75

Tariffs Country A Country B $ $50

Tariffs Country A Country B $75 $80

Tariffs Country A Country B $75 $80

Tariffs Country A Country B $75 $80 Protectionism.

Tariffs Country A Country B $75

Tariffs Country A Country B Country C

Tariffs Country A Country B Country C

International Trade Milestones General Agreement on Tariffs and Trade (GATT), 1949–94, resulted in gradual reduction of average tariff from over 40% in 1947 to about 4% in 2002.

Tariffs Country A Country B Country C

Tariffs Country A Country B Country C

Tariffs Country A Country B A small country, which will will have little effect on world trade, can help its domestic or home industries grow by keeping out foreign imports Advantages

Tariffs Country A Country B Labor unions like tariffs or protectionism because it allows them to negotiate high-wage jobs which are protected from foreign products made in countries with lower labor costs and lower prices. Advantages A small country, which will will have little effect on world trade, can help its domestic or home industries grow by keeping out foreign imports

Tariffs Country A Country B Labor unions like tariffs or protectionism because it allows them to negotiate high-wage jobs which are protected from foreign products made in countries with lower labor costs and lower prices. Advantages A small country, which will will have little effect on world trade, can help its domestic or home industries grow by keeping out foreign imports Governments get revenue from tariffs

Tariffs Country A Country B Disadvantages Consumers in the home country pay higher prices.

Tariffs Country A Country B $75.

Tariffs Country A Country B $ $50

Tariffs Country A Country B $ $50$45

Tariffs Country A Country B $75

Tariffs Country A Country B $75 $70.

Tariffs Country A Country B $75

International Trade Milestones General Agreement on Tariffs and Trade (GATT), 1949–94, resulted in gradual reduction of average tariff from over 40% in 1947 to about 4% in 2002.

International Trade Milestones The World Trade Organization (January 1995)

International Trade Milestones The World Trade Organization (January 1995) The Treaty of Rome (March 1957)

International Trade Milestones The Creation of the euro Common currency of twelve of the twenty-five countries of the European Union. Developed in the early 1990s. Placed in circulation on January 1, Replaced eleven strong legacy currencies. One of the strongest currencies of the world.

End of Part One of Introduction