The Impact of Economic Policy Changes on International Trade and Relations

Abstract

Economic policies continue to remain central in determining relations among nation states in the global economy that is progressively characterised by integrated globalisation. The newer changes in the course of economics; or due to the geopolitical conflicts, advancement in the field of technology, the impact of COVID-19, commerce worldwide has experience newer changes. A review of these policies is presented in this paper with a view of assessing their direct and indirect effect on international trade. Analyzing the experience of various countries, including both developed ones and the countries in the process of development, this paper aims to reveal how nations responded to these changes, as well as what strategies can work, and what difficulties can be encountered. Besides, the paper contains a prognosis of future developments of the international economy, having several scenarios and guidelines for practical implementation. These disconnects highlight the relevance of the critical philosophy in economic policy formulation since the globe economic policy should balance internal economic stable and international trade cooperation.