Questions based on whats new and whats not - Assignment Example

What is new and what is not list three ways in which international trade today is not that different from the trade that occurred before world war IThe 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 period before world war one would have found in every town goods, landscapes, laws, institutions and sacred elements similar to those in his or her home country.

Additionally, international trade got a major boast because of technological improvements, which has helped, in facilitating economic integration. For instance, canals and use o ships decreased travel times between Asia, Europe and America. 2. List three ways in which international trade today does differ from the trade that occurred before WWIFirst, 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 trade.

Lastly, modern trade encourages fairness in terms of free trade but during the 19th century rich countries such as Britain and France controlled most of trading activities. Work CitedBernanke, Ben. What is new and what is not. Web. 10 March 2014.