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Introduction: Trends in World Trade and Protection

In: Global Protectionism

Author

Listed:
  • David Greenaway
  • Robert C. Hine

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.

Suggested Citation

  • David Greenaway & Robert C. Hine, 1991. "Introduction: Trends in World Trade and Protection," Palgrave Macmillan Books, in: David Greenaway & Robert C. Hine & Anthony P. O’Brien & Robert J. Thornton (ed.), Global Protectionism, chapter 1, pages 1-11, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11724-6_1
    DOI: 10.1007/978-1-349-11724-6_1
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    Cited by:

    1. Thede, Susanna, 2007. "Trade and Agglomeration: the Strategic use of Protection Revisited," Working Papers 2007:7, Lund University, Department of Economics.

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