Consider the information in the initial tables in Chapter 1. What important lessons can be learned from this data?Notes:•In terms of major economic areas, the industrialized countries dominate world trade.•Throughout, the past four decades, international trade volume has, on average, outgrown production (see table 1), illustrating how countries are becoming more interdependent. However, world trade grew by only 2 percent in 2008 and the World Trade Organization (WTO) predicted it would fall by 9 percent in 2009.•Details of trade on the regional basis and provided in table 2. The relative importance of Europe, North America, and Asia is evident, as they account for more than 85 percent of trade. Asia has become increasingly important in developing countries’ imports and exports.•To obtain an idea of the geographical structure of trade, look at Table 3, which provides information on the destination of merchandise exports from several regions for 2007. From this table it is clear that the major markets for all regions’ exports are in North America, Europe, and Asia. In addition, the table makes it
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