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The Increasing Importance Of Services Expenditures And The Dampening Effect On Global Trade
from the Chicago Fed
Globalization, particularly through international trade in goods, has helped to foster the creation of tremendous amounts of wealth and prosperity across much of the globe while lifting sizable portions of the world’s population out of poverty. In particular, the latter half of the twentieth century delivered unprecedented rates of increased economic integration among many countries. Access to global markets supported the industrialization of emerging economies and opened up new markets for firms in wealthier countries. As a result of the expansion of international trade and competition, consumers in rich and poor countries alike gained in terms of greater purchasing power, better-quality products, and more product varieties. ....

Jing Zhang , South Korea , United States , Logant Lewis , Tim Harford , Michael Sposi , Caroline Beetz Fenske , Federal Reserve Bank , International Monetary Fund Direction Of Trade Statistics , Journal Of The European Economic Association , World Bank Development Indicators , World Trade Organization , United Nation National Accounts Main Aggregates Database , Ryan Monarch , Caroline Beetz , European Economic Association , General Agreements , Asian Tigers , Hong Kong , Eastern Europe , Soviet Union , Political Economy , Reserve Bank , World Input , International Monetary Fund , Trade Statistics ,