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Description:
Studies on foreign trade and its economic impact are numerous. Ricardo's thesis that the international division of labour is welfare-enhancing, even if a country has comparative disadvantages in the production of all goods, became a basic assumption of economic thought. On this basis, free trade was considered superior to protectionism, although later studies such as Samuelson and Autor relativized Ricardo by showing constellations in which international division of labour can also lead to a permanent loss of welfare. For Germany, foreign trade has developed into one of the most important drivers of economic growth. Since the European Monetary Union, Germany's share of the balance of payments in gross domestic product has risen significantly and exceeded the six-percent mark for the first time in 2007. More than ever, foreign markets determine the success and failure of those sectors that have become – directly and indirectly – dependent on foreign demand. However, world trade not only affects the production structure of domestic industry, but also affects demand for employment. The number of people in jobs that are directly or indirectly linked to export flows continues to rise. Looking beyond the labour market, this also results in changes in occupations and qualification requirements. Particularly in the first decade of the post-war period, the sharp increase in world trade and thus its increasing importance can be explained by a reduction in trade barriers (within the framework of GATT/WTO, but also by increasing regional integration, e.g. by the EU or the North American Free Trade Agreement NAFTA2). Regional integration into the EU, but also the number of free trade agreements, has continued to increase. Further free trade agreements (e.g. between the EU and Canada and the EU and Japan) were also negotiated or concluded in 2017/2018. The worldwide average tariff rate declined to 2.6% (World Development Indicator, value for 2017). The World Trade Organisation (WTO) sets nowadays the framework of ...