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The nature of international trade and the very nature of globalization have changed dramatically in recent years, with the emergence of new global players and a radically different competitive landscape. This new landscape emerged during the late 1980s and early 1990s, when the Berlin Wall fall brought down the barriers that had split the post-WWII world, and the Brady Bonds put an end to the decade-long debt crisis that plagued many developing countries. The 1990s saw the conclusion of the Uruguay Round and the birth of the WTO, which brought down many trade barriers and led to further liberalization in areas like telecommunications, financial services and information technologies.
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