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Running head: POLITICAL ECONOMY
Political Economy
Name
Institutional Affiliations
POLITICAL ECONOMY
2
Political Economy
Chapter 1: pp. 7 - 34
1. How did the volume of trade increase between 1950 and 2006?
In the 1950s, tariffs on imported goods and services were in the range of between 2030%, which were complemented by the existence of nontariff barriers. Most developing
countries had high barriers to trade between 1950 and 1980. However with improvement
in trade policies such as duty-free goods and services and technological advancement
such as in the packaging sector, online businesses, and shipment industries, the value of
global trade has risen from $1 trillion in the 1950s to $15 trillion in 2006.
2. As of 2006, how low was the average uniform tariff equivalent of OECD
merchandise trade policies?
For OECD products trade policies, the uniform tariff fell to 4%, showing the safeguard of
agricultural products.
3. What does a substantial proportion of this global trade in manufactures, especially
between OECD countries, comprises?
It includes intra-industry trade, which entails the exchange of differentiated, similar
products. The intra-industry trade for OECD countries comprises ratios above 60%.
4. The increasing fragmentation or splintering of the production chain has been driven
in part by what?
POLITICAL ECONOMY
3
The increased splintering of the chain of production has been facilitated by the change in
the structure of the global economy due to technological advancement and global trade
policy reforms.
5. Which developing region has relied on trade the most intensively as part of its
development stra...