International Trade And Its Impact On The Modern Economy

1. Introduction For most people, international trade has shaped their daily living, from their morning cup of coffee, the fuel in their car, and host of other modern conveniences are dependent in whole or fully on global supply chains. To show the complexity of the modern economy, based on â€Å"The Travels of a T-Shirt in the Global Economy,† Planet Money followed harvested cotton on its course from Mississippi through Indonesia to become fabric, and the fabric was shipped to either Bangladesh and Columbia to be printed, before finally arriving back in the United States in the form of a finished T-Shirt. On any day, consumption patterns depend upon many similar supply chains. As such, chances are fairly good that at some point in time, the product, or its components, moved on an international vessel. The maritime industry represents one of the oldest, and most integrated, networked industries. Given the importance of maritime trade, regulations, traditions and laws represent hundreds of years of maritime cases, while at the same time the industry remains fairly dynamic, as evident by the changes as the result of the next shipwreck, trade agreement/dispute, or new technology. This complexity depends upon balancing existing laws and traditions with emerging regulatory oversight against the desire to allow global commerce growth makes maritime shipping an interesting case study regarding network economics. This chapter will give an overview and economic characterizationShow MoreRelatedThe Newly Born Conceptual Framework Of Globalisation1542 Words   |  7 Pagesintermingles or exchanges for trade. They have intensified to foster a global homogenisation - impacting all dimensions of the transnational from political and economical to the cultural. 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