Question

When comparing the composition of world trade in the early 20th century to the early 21st century, we find major compositional changes. these include a relative decline in trade in agricultural and primary-products (including raw materials). how would you explain this in terms of broad historical developments during this period?

Answer 1

There were major changes in the world trade between early 20th century and early 21 century because back in the early 1900s the value is attributed to just land and major consumption is of food and hence the focus is on agriculture. But through pout the years what happened is most part of the economy shifted to manufacturing sector and also the income and the variances in prices are more here when compared to agriculture. Hence the international trade has changed its patterns based on production and consumption in the early 2000s.