1. In the 19th Century British trading patterns were countries from distant locations such as North...

1. In the 19th Century British trading patterns were countries from distant locations such as North America, Latin America, Africa and Asia. Today, most British trade patterns are European countries. Examine the causes of the British changing trade pattern with reference to the Gravity Model.

Expert Solution

Explanation:-

The Gravity Model of international trade explains that international trade is greatly influenced by the size of GDP and distance between its economic capitals.The relative size of GDP attracts while greater distances weaken the trade relations.But in the case of U.K. in 19 th century Britain had trade relations with far off Asian African and other European countries because during this time free trade was possible as she had number of colonies in all these areas.Moreover there was plenty of cheap raw materials were easily available though there was a great distance between these countries. But in the recent past the nature of trade has changed since most of these colonies become independent and the formation of European Union which controls the trade activities by its rules and regulations .Therefore the pattern of trade has changed because of the following reasons

a.Change in relative exchange rate

b..Bi lateral trade agreements

c.Impact of emerging economies inAsian African countries

d.Change in comparatively advantageous industry.

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Rahul Sunny answered 1 year ago

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