Introduction: Trends in World Trade and Protection

David Greenaway and Robert C. Hine

Chapter 1 in Global Protectionism, 1991, pp 1-11 from Palgrave Macmillan

Abstract: Abstract The value of world exports in 1987 was almost $2500 billion, roughly half the value of US GNP, and about equivalent to the GNP of Japan. Over the postwar period international trade has increased to an extraordinary degree — a 40-fold increase in value terms between 1950 and 1987, and a 10-fold increase in volume terms over the same period. Moreover, the growth in trade has consistently outstripped the growth of output over this period. Between the late 1940s and early 1970s, the trend rate of growth of output was 5 per cent per annum; over the same period the trend rate of growth of exports was 7y per cent (both in real terms). Since the early 1970s real output has been growing at about 3 per cent per annum, real exports at 5 per cent per annum.

Keywords: World Trade; Uruguay Round; World Export; Trade Imbalance; Real Export (search for similar items in EconPapers)
Date: 1991
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DOI: 10.1007/978-1-349-11724-6_1

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