Example of writing
The Great Trade Collapse, also known as the Global Trade Slowdown, was a significant downturn in global trade that occurred between 2008 and 2009 as a result of the global financial crisis. This crisis was triggered by the collapse of the housing market in the United States, which had significant ripple effects throughout the world.
The Great Trade Collapse had a significant impact on global trade, as the volume of international trade declined significantly. According to the World Trade Organization (2020), global trade volume fell by 9% in 2009, the largest decline since World War II. This decline was particularly severe in developing countries, which rely heavily on exports for economic growth.
The Great Trade Collapse also had an impact on the global economy, as it contributed to the recession that many countries experienced during this time. Many businesses were forced to cut costs and lay off workers, leading to a decline in global employment and an increase in poverty and inequality.
Overall, the Great Trade Collapse had a significant and lasting impact on global trade and the global economy. It highlighted the interconnected nature of the global economy and the importance of international cooperation in maintaining stability and prosperity.
References:
World Trade Organization (2020). The Great Trade Collapse: Causes, Consequences and Lessons. Retrieved from https://www.wto.org/english/res_e/booksp_e/trade_collapse_e.pdf