The last decade has witnessed the emergence of a more global economy reflecting the continued rise in trade (especially of manufactures) as a proportion of output, a major shift of international specialisation, faster diffusion of technical progress and the globalisation of financial markets....

The political changes in eastern Europe have opened up new opportunities for trade among the countries surrounding the Black Sea, and especially between the former socialist countries and Turkey, the country with the longest Black Sea coastline. The following article describes the present stage...