Global Trade: An Overview

Who trades with whom in the international political economy and why? For many analysts and policy maker a question like this is little more than a distraction from the main business of world affairs, which they see as being the practice of 'high politics'. Analysts like these call international political economy 'low politics'. They would not talk about it at all except that ministries like the Australian Department of Foreign Affairs, for example, now calls itself the Department of Foreign Affairs and Trade and defines its fundamental purpose not only in terms of enhancing Australia's security but also in terms of the contribution it makes to Australia's economic growth and market performance. Only relatively recently, in other words, have questions about trade been deemed legitimate ones to ask if one wants to be considered a serious student of world affairs. Even now, international political economy in general and trade issues in particular are seen as the second string to the international relations bow…