Next, describe how the world has changed in terms of global trade in the past 10 years. Based on the assigned readings, what do you think developed countries such as the United States, Japan, Germany, and England will face in terms of competition from emerging markets? What do you see in terms of trade distribution? Is it going to shift from the traditional developed countries to developing and the least developed countries? How will endowments affect the shift?
Support your answers with at least one scholarly reference.
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