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Global trade and investment flows are the economic arteries of globalisation. Understanding the patterns, processes, and theories that underpin international trade is essential for analysing how the global economy functions and why some countries benefit more than others.
Key Definition: A global system is a set of interconnected components — states, institutions, TNCs, and flows — that operate at a planetary scale, creating complex patterns of interdependence.
Global trade has grown dramatically since 1945. World merchandise exports grew from approximately 58billionin1948toover25 trillion in 2022 — an increase of over 400-fold. However, this trade is highly concentrated:
| Region | Share of World Merchandise Exports (2022) |
|---|---|
| Europe | 36% |
| Asia | 35% |
| North America | 13% |
| Middle East | 6% |
| South America | 3% |
| Africa | 3% |
| CIS (Russia and neighbours) | 4% |
Key patterns include:
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