ABSTRACT
This chapter provides context to the era of globalization by reviewing the evolution of trade policy and international relations during the period. Trade policy is closely tied to the fundamental perspective of a nation on the importance of exports in the development and growth process. While exports played an important role in Japan's transition into a developed economy, it was not the primary source of growth. With the growth of manufacturing exports from Japan and the Asian NICs, a new form of protectionism in the 1970s aimed primarily at them began to emerge. The chapter examines the regional trade agreements (RTAs) in existence across regions more closely. The detailed examination and comparison of RTA formation across countries and regions can provide further context on an important part of trade policy that nations are devoting increasing effort to. The chapter outlines the evolution of trade policy around the world in the era of globalization following World War II.
