SOSC 1430 Study Guide - Final Guide: International Coffee Agreement, Preferential Trading Area, Newly Industrialized Country
3 Oct 2016
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Document Summary
World trade has grown substantially - value of world exports of merchandise trade increasing from billion in 1960 to more than ,419 billion in 2009. Share of expanding world trade held by advanced industrialized countries in the north has remained relatively the same - booming asian economies have increased share, majority of developing countries in global south have experienced diminishing percentage. Connection between trade and development is made stronger by growing number of international free trade" agreements - include range of rules that intrude on broader social and economic policies of states. If each nation were to specialize in those products for which it has a comparative advantage, all of the nations in the world would bene t in relative terms. Jeffrey sachs - believes governments must limit their involvement in the market to providing infrastructure and basic services, protecting private property, and ensuring peace and security.
