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This paper analyses the causal effect of international market share on the global economic power of each of the seven major industrial countries. All the G-7 countries except the United Kingdom and the United States have enhanced their relative economic power by increasing their international market shares. The relationship between the international market share and global economic power is the underlying force that has motivated each of those five countries to export more and import less, resulting in international trade conflicts among them. International market shares are interrelated. Given the interrelationships, protectionism prevailing in the remaining two countries may result in a global recession through chain reactions among the G-7 countries. |
