Trade and Globalization key terms “economic liberalism” favoring free flow of trade and...
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Transcript of Trade and Globalization key terms “economic liberalism” favoring free flow of trade and...
Trade and Globalization
key terms
• “economic liberalism”• favoring free flow of trade and investment
• “mercantilism” or “protectionism”• protecting domestic industries with subsidies, tariffs, and non-tariff
barriers
comparative advantage
• specializing and trading benefits all?
Liberal International Economic Order
• GATT• Bretton Woods institution for the reduction of tariffs
• WTO• replaces GATT in 1995
• expanded and given teeth--authorizes retaliation
The future of international trade
• increasing protectionism with declining US hegemony?
Globalization
• Interconnection with the world
sources of globalization
• liberal trade/pro export policy
• communications technology• TV, computer/internet, phone
• transport• air travel, containerization
• immigration
Immigration
• The US--post 1965• end of nation quotas, more “chain” migration
• Europe in the 60s• guest-workers and former colonies
• anti-immigrant parties
Cultural Homogeneity?
Global Village or Global Pillage?
• WTO may determine that environmental, health, labor standards are really NTBs
• examples of dolphin-safe tuna and turtle-safe shrimp
• Tariffs reduced more on poor countries’ small producers than rich countries’ large agricultural producers
• But poor countries winning at WTO against US cotton