International trade has grown steadily over the past 300 years, although it declined during the Great Depression and between World Wars I and II. From 1945 to 1980, international trade grew faster than ever before due to decreases in trade barriers during the Great Depression and the two wars, and the significant decline in transportation costs. During this period, developing countries primarily exported agricultural goods and commodities to the advanced industrialized countries and imported manufactured products. Beginning in the 1980s, many emerging economies like China, India, and Brazil began to liberalize their trade policies and actively entered the global markets. China became a major exporter of textiles ...
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