The Contemporary Global Economy

  1. Objective 4-1 Discuss the rise of international business and describe the major world marketplaces, trade agreements, and alliances.

The total volume of world trade is immense—more than $19.3 trillion in merchandise is traded each year. Foreign investment in the United States exceeds $225 billion, and U.S. investment abroad is more than $395 billion.3 As more firms engage in international business, the world economy is fast becoming an interdependent system through a process called globalization.

We often take for granted the diversity of products we can buy as a result of international trade. Your television, your ...

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