1.Understanding the future shaping factors of world trade begins with an understanding of the _____________that created the global trading system we have today.

2.It will be possible to convert one currency into another for the usage of ____________.

3.This _____________________clause provided the "cornerstone" of the 19th-century commercial treaty network.

4.This is the aim of the IMF and to reestablish the exchange-rate stability of the gold standard era while at the same time preserving countries' freedom to promote full employment and economic growth. Exchange rates were fixed, but adjustable, and international stabilization funds were made available to countries facing balance-of-payments difficulties.

5.The period between the ________________was one of remarkable stability and predictability in international trade and capital flows.

6.International trade in its beneficial context would suggest that everyone practicing it is for _____________ and variation of consumption.

7.This was used in reducing the communication time between Europe and North America from ten days - the time it took to deliver a message by ship - to a matter of minutes.

8.Karl Polanyi's insight that a global free market is not only impossible, but doomed to self-destruction in the absence of effective _____

9.The most significant indicators in International Economics are gains from trade, the pattern of trade, protectionism, balance of payments, exchange rate determination, _________________ and the international capital market.

10.Breakthroughs in transport technologies opened up national economies to trade and investment in ways that differed radically from what had gone before, relentlessly eroding what economic historian ________________has termed "the tyranny of distance".

11.The international economy comprises of __________________ are bound to choose their own economic policies.

12.The arrival of the electronic telegraph in the ____________ was another transformative event, ushering in the modern era of near instantaneous global communications.

13.This is the marked a major turning point for the world economy - from the pre-globalization age to the age of globalization.

14.This virtuous circle of deepening __________ and expanding growth is what we now refer to as globalization.

15.The ______________comprises sovereign nations, each free to choose its own economic policies.

16.Specialization by different countries in the production of different goods according to their efficiency and resource endowment brings about an increase in the total world production by increasing the level of their ____________.

17.The central pillar of the 19th-century global economy was the __________________standard

18.The seemingly inexorable rise of the "first age of globalization" in the 19th century was abruptly cut short between 1914 and 1945 - by the related catastrophes of the First World War, ___________________and the Second World War.

19.The world's first rail line is open in 1825, and was soon copied, not just throughout Britain, but in Belgium, France, Germany and the rest of Western Europe.

20.International trade exchanges of risky assets such as stocks and bonds can benefit all countries by allowing each country to diversify its wealth and reduce the ___________ of its income.