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The International Trade System In The Current Economic And Financial Crisis

Author

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  • Luiza-Loredana Nastase

    (University of Craiova Faculty of Economics and Business Administration)

Abstract

The study of the international trade system shows that this is not a natural state under human control. Nowadays, the most significant challenge refers to turning international trade into a welfare-creating factor, by changing rules of conduct, the behaviour of actors and institutions. In the context of the economic and financial crisis, but also due to the increase in the external debt of states, radical changes are highly required, both in terms of the involvement of companies in international trade and the assistance provided by supportive institutions to companies, in order to apply the best solutions for the creation and maintenance of sustainable competitive advantages. In principle, one needs a strengthened global trade system, based on regulations that should provide a strong framework and restore global confidence, avoiding protectionism in the meanwhile. The acceleration of trade, investment, technology and information flows at a global level has fostered structures which create economic and social progress and, hence, the emergence of the new international trade system. Therefore, one may speak of a multidirectional development of world economy.

Suggested Citation

  • Luiza-Loredana Nastase, 2011. "The International Trade System In The Current Economic And Financial Crisis," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 1(39), pages 200-205.
  • Handle: RePEc:aio:aucsse:v:1:y:2011:i:39:p:200-205
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    File URL: http://feaa.ucv.ro/AUCSSE/0039v1-030.pdf
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    More about this item

    Keywords

    international trade system; institutionalisation; competitiveness; global integration; sustainability;

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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