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International Trade & the World Economy; © Charles van Marrewijk CHAPTER 12; INT. TRADE ORGANIZATIONS Introduction The World Trade Organization (WTO/GATT) The United Nations (UN) and UNCTAD Organization for Economic Cooperation and Development (OECD) Case study: economic transition in Central and Eastern Europe Conclusions 1. The world economy Explanations for trade Classical 2. Opportunity costs 3. Comparative advantage Neo-classical 4. Production structure 5. Factor prices 6. Production volume 7. Factor abundance New trade