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IBUS Studyguide Ch. 1

These events opened roughly one third of the world to

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Unformatted text preview: rs has accelerated global economic integration. For example, tariffs on the import of automobiles, industrial machinery, and countless other products have declined to nearly zero in many countries, encouraging freer international exchange of goods and services. b. Falling trade barriers are facilitated by the WTO. After joining the WTO in 2001, China made its market more accessible to foreign firms. The collapse of the Soviet Union’s economy in 1989, the demolition of the Berlin Wall that same year, and China’s free- market reforms all signaled the end of the fifty- year Cold War and smoothed the integration of former command economies into the global economy. These events opened roughly one- third of the world to freer international trade and investment....
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