Question

What might account for the dramatic increase in international trade over the past 50 years?

Short answer

Increased number of trade agreements.

Step-by-step solution

Step1. Introduction

It is no wonder that the international trade over the past 50 years or so, across the world has grown dramatically. The borders in terms of trade seems to have disappeared, and one can have anything and everything from any corner of the world.

Step2. Explanation

The trade policies have liberalized to no bounds for many major as well as minor countries across the globe. Countries have entered into trade agreements, promising to open up the markets for each other and engage in a fair trade.

This comprises of reduced import tariffs and quotas, and other trade barriers.

The technological advancements in the recent times have aided this trade boom with quicker transportation, unification of demand through online portals, increased communication and awareness of the products, etc.

All of these factors contribute to the increased international trade in the past 50 years.