2. The quotation from Federal Reserve Chairman Ben Bernanke at the beginning of the chapter is from a speech that he delivered in Jackson

Hole, Wyoming, on August 25, 2006, titled “Global Economic Integration: What’s New and What’s Not?” The full transcript of the speech is available at http://www.federalreserve.
govewsevents/speech/bernanke20060825a.
htm. Read this speech and answer the following questions:

a. List three ways in which international trade today does not differ from the trade that occurred before World War I.

b. List three ways in which international trade today does differ from the trade that occurred before World War I.

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Intra- and Inter-Regional Merchandise Trade, 2011 ($ billions) Destination Region of Origin North America South and Central America Middle Europe CIS Africa East Asia World World 2,923 749 6,881 530 538 672 5,133 17,816 North America 1,103 201 382 15 37 63 476 2,282 South and Central America 181 200 138 8 21 18 169 750 Europe 480 119 4,667 234 199 194 639 6,612 Commonwealth of Independent States (CIS) 43 11 409 154 12 24 117 789 Africa 102 19 205 Middle East 107 10 158 26 77 21 146 594 38 110 660 1,251 Asia 906 189 922 110 152 242 2,926 5,538 Source: WTO, International Trade Statistics 2012.