Trade and trade agreements used to be relatively simple. Trade primarily meant trade in ‘made-here-sold-there’ goods, so 20th-century regional and multilateral trade agreements dealt primarily with barriers to goods crossing borders – especially tariffs. For governments, the key purpose of trade and trade agreements was to help their firms sell things.
Multilateralising 21st-century regionalism
Richard Baldwin, 20 January 2014
The ICT revolution and the international organisation of the firm
Sergi Basco, Martí Mestieri, 5 October 2013
The Information and Communication Technology (ICT) revolution has changed how goods and services are produced. ICT has rendered some jobs obsolete while spurring the creation of new ones (Autor et al. 2003). Moreover, they have transformed the organisation of production itself.
Firms and credit constraints along the global value chain: Processing trade in China
Kalina Manova, Zhihong Yu , 13 May 2013
The past 20 years of globalisation have witnessed a dramatic expansion in the fragmentation of production across countries. Firms today can not only trade in final goods, but also conduct intermediate stages of manufacturing by importing foreign inputs, processing and assembling them into finished products, and re-exporting these to consumers and distributors abroad.
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Cadot, de Melo, 16 June 2014