Developing countries typically have wage rates that are a small fraction of those in developed countries. Trade theories traditionally attributed this differenc

This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the publi

Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence of global

First published in 1932.

Global value chains (GVCs) powered the surge of international trade after 1990 and now account for almost half of all trade. This shift enabled an unprecedented