• Print
  • Email

Chicago Fed Letter, No. 236, March 2007
Globalization and the Benefits of Trade
Since the conclusion of World War II in 1945, international trade has been greatly facilitated by agreement among trading countries on a set of rules for international trade, known as the General Agreement on Tariffs and Trade (GATT). These rules were developed through a series of eight “rounds” of international trade negotiations between 1947 and 1994. Through these negotiations, export subsidies were banned on everything but agricultural products, and import tariffs on manufactured goods were reduced to inconsequential levels. As a result, trade in manufactured goods has grown rapidly, achieving an unprecedented level of specialization and exchange among countries.
Having trouble accessing something on this page? Please send us an email and we will get back to you as quickly as we can.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

Copyright © 2024. All rights reserved.

Please review our Privacy Policy | Legal Notices