Question

With trade wars looming, the future of the multilateral trading system looks more precarious than it has in decades. Looking beyond the day-to-day headlines, what are the deeper economic and political forces at the domestic and international levels that have brought us to this point? How do the theories from the field of International Political Economy help us to make sense of these recent developments?

Answer 1

Increased manufacturing has helped some countries fill up the gaps.

People and policymakers should be educated about how expensive a trade war can be.

• It's possible that some politicians will be educated about the dangers of protectionism.
• Learning that, as Norway, Korea, and many others have discovered this year, a favorable trading nation is not necessarily friendly.
• commercial and political figures to help you expand your exports to a wide range of nations. Do not concentrate your exports in a single nation.

Identify opportunities to produce new products in order to boost exports in nations that rely heavily on imports.

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