How does political policy impact trade?

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This increases the prices of imported goods and creates a domestic market for domestically produced goods while protecting those industries from being forced out by more competitive pricing.

Introduction

Globalization and economic integration is a salient feature of the modern world. In particular, the increasing division of labor and fragmentation of supply chains have led to the globalization of production and shipping of many commodities and services, which has enhanced international economic cooperation. Greater trade flows provide supportive evidence of this cooperation (see Krugman, Obstfeld, and Melitz 2014). Against this trend of globalization, however, international politics is not necessarily becoming more cooperative, an idea that had been promoted in the popular press and academia (Friedman 2000, Mandelbaum 2003, Witt 2019). Political tensions may considerably hinder all aspects of economic integration such as trade, investment, supply chain, and transport logistics.

1. between 1754 and 1763

2. a land bridge between siberia and alaska that was exposed during the most recent ice age when the waters of the bering strait receded.

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