In the present world, it is not surprising to hear one refer towards the current economic system as being characterized by 'free trade' and 'globalization'. In fact, many argue that modern trade has become so entangled and intertwined that breaking free from the high level of interdependence between the various economies is impossible. As such, many believe that the evolution towards free and fair international trade is inevitable. The validity of this claim can certainly be argued given the various directions in which politics, economic might, wars and other issues have been pulling international trade practices.
In fact, today's economic system and its present state is a conglomeration of all these influences put together. It would in no doubt be fair to argue that capitalism favours the nurturing and enhancement of technological progress, thereby leading to the creation of wealth, due to which it has always been attributed to as being a major pillar in the direction towards progress. This argument would, however, sound too ideal as political, social, and regional and various other capitalist oriented factors tend to play a role in blending this idealistic argument.
As an example, the monopolistic practices of the colonial powers have been regarded as being destructive to the world economic order. The opposition to the projected positivity in the modern era has been attributed to today's decisions being influenced by corporate interests, thereby leaving little regard for fair practices. Thus, corporate-led liberalization has met with opposition from various corners that include the countries of the developing world, welfare organizations and the common man. International trade was established with the intention of making trade simpler and easier on a global scale.
This, together with the concept of free trade has been attributed as the engine of the current economic growth that emerging economies such as India and China are experiencing. International trade has been advocated with the hope of providing for the following goals.
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