GLOBAL FLOWS OF GOODS AND SERVICES AMONG THE MOST ECONOMICALLY DEVELOPED COUNTRIES IN THE WORLD

The faster growth of international trade partly stimulates the growth of the world economy. The growth of international trade results from both technological development and joint efforts to reduce trade barriers. Many countries have opened their economies to take full advantage of economic developm...

Full description

Saved in:
Bibliographic Details
Published in:Quaestus (Timio̦ara) 2022-04 (20), p.77-85
Main Authors: Petrović, Gordana, Karabašević, Darjan, Vukotić, Svetlana, Mirčetić, Vuk
Format: Article
Language:English
Subjects:
Developed countries
Economic development
Economic growth
Economic reform
Economics
GDP
Global economy
Globalization
Gross Domestic Product
Innovations
International cooperation
International trade
Raw materials
US exports
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:The faster growth of international trade partly stimulates the growth of the world economy. The growth of international trade results from both technological development and joint efforts to reduce trade barriers. Many countries have opened their economies to take full advantage of economic development opportunities through trade. National and global economies have become integrated through a global commodity trade network. China, the United States and Germany are the three most prominent global players in international trade. Countries that promote free trade, open borders and international cooperation drive economic globalization. In this way, access to cheaper raw materials and products is enabled, and the result of such global flows is lower costs and access to more extensive and growing markets around the world where goods and services can be sold.
ISSN:2285-424X
2343-8134