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An important question concerns how to measure the significance of trade to a countrys economic activity? One way to do it is to look at the countrys trade volume (the sum of export and import)

An important question concerns how to measure the significance of trade to a countrys economic activity? One way to do it is to look at the country’s trade volume (the sum of export and import) as a percentage of the country’s GDP (Gross Domestic Product). As shown in Map 5.1, there are only a few countries with a percentage of less than 25%, including the U.S. and Japan. Most of the countries around the world rely on trade heavily for both manufactured goods and services. Why do the U.S. and Japan rely less on trade, and what’s the causal relationship between reliance on trade and a country’s economic development?

Aug 23 2021 View more View Less

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