Factors of account since the Second World War
For rapid growth of world trade what are the factors of account since the Second World War?
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The rapid growth in world trade has been facilitated by a reduction in trade barriers, by increasing prosperity of nations around the world, and by improved communication and transportation that have made trade easier among the world’s major industrial powers.
Transaction costs are decreased and economic efficiency is enhanced by: (1) long-term wage and price controls. (2) monopolies which cooperate with central planners. (3) blacklists and yellow dog contracts. (4) bureaucratic tendencies
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