Bagwell, Kyle (contributor); Staiger, Robert W. (contributor) - 2002 - [Elektronische Ressource]
important role played in the world economy by GATT (and now its succes-
sor, the WTO) is widely accepted. Since its creation in … fallen from over 40% to below 4%. In light
of the significant impact that GATT has had on the world economy, it is there … exporters, whose products sell at a lower world price (i.e., at
a diminished terms of trade). This “terms-of-trade externality …