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It is to nobody's benefit to try to restrict international trade. Yet the history of humanity is replete with trade wars aimed at preventing one country's exports from reaching another country's market. A complete account of such trade wars is beyond the scope of this chapter. However, students of international business need an adequate understanding of the logic of governmental attempts to regulate international trade by restricting imports and/or by promoting exports.
For convenience, attempts to regulate international trade are classified into three main categories:
- Global agreements
- Regional economic integrations
- National regulations
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