The international trade today is similar to trade before world war in the sense that the world is unified via a broad and extensive transportation network, currency particularly the U.S dollar and legal system. In addition, people traveling from Africa to America today and…
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For instance, canals and use o ships decreased travel times between Asia, Europe and America.
First, the international trade during the period before world war one followed an organized trade structure known as core periphery whereby rich nations such as Britain were at the core of trading system and the global monetary system. Today, trade is not organized under a core trading system but it is based on internationally accredited trading policies stipulated by world trade organization in order to avoid price discrimination.
Secondly government laws today concerning trade does not encourage openness and migration because of individual interests. During the period before world war one, government laws encouraged open trade, migration, and capital mobility, which altered many barriers such unwarranted tariffs to
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“Questions Based on Whats New and Whats Not Assignment”, n.d. https://studentshare.org/macro-microeconomics/1632847-questions-based-on-whats-new-and-whats-not.
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