Summer School 5: 250 years of trade history in three chapters
Planet Money
The Reckoning of Global Trade
China's entry into the World Trade Organization in 2001 marked a pivotal shift in global trade dynamics. Leveraging its comparative advantage, China rapidly increased the supply of goods in the international market, leading to an unprecedented availability of inexpensive products, particularly in the United States. This surge in supply caused significant consequences, such as the proliferation of cheap merchandise at retailers like Walmart, while simultaneously resulting in substantial job losses in American factories that previously produced these goods.
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