The Significance of International Trade: An Overview

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A country's exchange of goods and services across national borders, through its citizens and business organizations, is hardly a new phenomenon. It has, however, assumed increasing importance in recent decades. With this increasing importance recently placed on international trade there have been attendant increases in the political, social, and economic strains related to international trade.


As an initial matter, it is useful to note some of the many ways in which international trade is promoted in the modern era. There are many ways in which international trade is promoted. In the United States, for instance, international trade is promoted in political, social and economic ways. It is promoted politically through advocacy and education campaigns, it is promoted socially via retraining programs for workers displaced in the labor market by international competition, and it is promoted economically through import-export financing programs and governmental programs designed to aid individuals and business organizations in the international arena. In America alone, there are many private and public organizations dedicated to promoting world trade, such as the United States International Trade Commission, the Department of Commerce's Bureau of Industry and Security, and The International Trade Administration. ...
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