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Through out time countries have tried to protect their companies and workers from foreign competition by taxing imports. In the past thirty years this has changed drastically. The change resulted for a variety of reasons: technology, peace among world powers, and many other changes in society that occur over time. Today, more and more companies are entering the global economy, while governments are simultaneously promoting world trade. In 1970, imports represented 7 percent of the United States gross domestic product, today it is approximately 13 percent. The General Agreement on Tariffs and Trade and the North American Free Trade Agreement were agreements that lowered trade barriers. Many companies were able to enter the global economy and achieve greater profits. Companies were also put out of business by increased competition. The growth of the global economy has also lead to specialization of production in order to lower costs. The growth of the global economy is often referred to as Globalization, as people begin to see all countries together as a global community.
Approximate Word count = 626
Approximate Pages = 2.5
(250 words per page double spaced)
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