The advantages of trade between vastly different economies are self-evident. It appears to help both countries that Britain should import, say, Ghanaian cocoa in exchange for machinery and equipment. The advantages of large-scale trade between economies at a similar stage of development, with similar cost structures, are not so readily apparent. Yet in recent years trade has grown fastest in manufactured products between industrial countries.
KeywordsExchange Rate Central Bank World Trade Trade Credit European Monetary System
Unable to display preview. Download preview PDF.