RATIONALE AND GOALS OF TRADE AND INVESTMENT POLICIES
GLOBAL TRADE REGULATION SINCE 1945
CHANGES IN THE GLOBAL POLICY ENVIRONMENT
POLICY RESPONSES TO CHANGING CONDITIONS
A STRATEGIC OUTLOOK FOR TRADE AND INVESTMENT POLICIES
In 2007, serious imbalances in the U.S. subprime mortgage market triggered a financial crisis that soon spread globally and triggered the biggest worldwide economic recession and the first contraction in global output since World War II. Unemployment climbed sharply in the United States and the major developed nations in 2008–2009 as tightened global credit flows and reduced consumer spending led to diminished industrial production.
With companies unable to access capital financing and customers nervous about making large purchases, there was a collapse in demand for durable goods and a sharp decline in the production of and global ...