The USA in World Integration
Edited by Thomas L. Brewer and Gavin Boyd
Joseph P. Daniels and John B. Davis INTRODUCTION Technological gains, advances in communications, and lower transportation costs, combined with trade liberalization efforts of post-war multilateral institutions, such as the General Agreement on Tariffs and Trade (GATT), the World Trade Organization (WTO) and the International Monetary Fund (IMF), as well as regional and unilateral actions, have increasingly opened nations to trade and capital ﬂows creating a dynamic global market-place. Though liberalization has faced numerous obstacles and advanced at an uneven pace, it has advanced. As illustrated in Figure 9.1, over the last two decades world trade in goods and services has grown in excess of an annual average rate of 5 10 Annual percentage change 8 6 4 2 1998* 1999* 0 1980/ 1989 1990 1991 1992 1993 1994 1995 1996 Note: * Projected, IMF. Figure 9.1 Volume of world trade: goods and services, 1980/89–99 190 1997 American macromanagement issues and policy 191 per cent. In the early 1990s, in spite of a US economy in recession and stagnant European economies, the volume of world trade increased at a rate of 3 per cent or more each year, and by the middle 1990s it approached double digits. Due to the Asian ﬁnancial crises of 1997, projections for growth of world trade are much smaller than the actual rates of the middle 1990s, yet they still are positive and in excess of 3 per cent a year. Even the United States, the largest individual economy, has become more dependent on and integrated...
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