Journal of Social Sciences

Publication Date



It is an inescapable fact that, while countries of the world may be engaged to varying degrees in foreign trade, their welfare is considerably affected by it. Large and economically advanced countries like the United Stales may derive a relatively small proportion of their income from foreign trade, but they cannot afford to neglect the impact of such international economic transactions on themselves and on the rest of the world, their share in world trade being relatively great. On the other hand, while the share in international trade of small and underdeveloped countries like Thailand may be comparatively small, it affects a significant proportion of their income and they are compelled to keep an eye on what goes on in the rest of the world which may have repercussions on their economies via foreign trade.

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