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13 Cards in this Set
- Front
- Back
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Bilateral aid |
military or development assistance given by one country to an other |
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Corn Laws |
set of laws regulating the trade in gains in Great Britain; the abolition of these laws in 1846 opened up British agricultural trade |
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Debt crisis |
situation in which a country is unable to meet its international debt obligations; sometimes used to refer to the Latin American Debt Crisis of the 1980s |
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Dispute Resolution |
Process by which trading disputes between member states can be resolved by an impartial tribunal, thus prevernting such disputes from becoming too political or controversial |
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International financial & monetary system |
the set of rules, institutions, and agreements governing the flow of money in the international system; relative values of currencies and settling of accounts |
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Liquidity |
Rate in which assets may be converted to monies |
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Marshall Plan |
US gov. loan program to help devastated countries in Western Europe after WWII |
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Non-discrimination |
principle that no member of an organization be excluded from benefits that one member state extends to another |
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Non-system |
System of international money and finance that replaced the Bretton Woods system. Did not have explicit rules |
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Reciprocity |
complimentary/mutual behaviour among two or more actors; view that liberaliztion of trade would be beneficial for all parties concerned if cooperative policies were pursued |
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Seven Sisters |
Major oil companies in the mid 20th century, formed by Esso, Shell, BP, Mobil, Chevron, Gulf, and Texaco |
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Trade protection |
tendency of countries to safeguard their own economic sectors or industries using terrifs, quotas, or other forms of trade and investment legislation |
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Uruguay Round |
longest round of GATT negotiations (1986-1994), eventually leading to establishment of the World Trade Organization (WTO) |
