The production chains for these goods and services are becoming increasingly complex and global. Trade transactions include both goods (tangible products that are physically shipped) and services (intangible commodities, such as tourism and financial services).The second wave started after the Second World War, and is still continuing. The first wave started in the 19th century, and came to an end with the beginning of the First World War. From a historical perspective, there have been two waves of globalization.Understanding this transformative process is important because trade has generated gains, but it has also had important distributional consequences. Today about one fourth of total global production is exported. Over the last two centuries trade has grown remarkably, completely transforming the global economy.Here is an overview of the main points we cover below. In this entry we analyze available data and research on international trade patterns, including the determinants and consequences of globalization over the last couple of decades.
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