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51 Cards in this Set

  • Front
  • Back
re-emergence of protectionism
1980s; increasing use of non-tariff barriers
uruguay round
change GATT into WTO; aims were to restrict foreign investments and begin opening trade in banking and insurance services
types of trading agreements
free trade area, customs union, common markets
effects of a custom union
trade creation; trade diversion
WTO
more powerful that GATT; rules include non-discrimination, prohibiton of quotas, fair competition, binding tariffs
imports
the purchase of goods and services from abroad that leads toan outflow of currency
exports
the sale of goods and services t buyers from other countries leading to an inflow in currency
eu parliament
current 732 members; based in france, belgium, and luxembourg; passes laws, monitors budget, monitors eu institutions
eu council
ministerial represenations from each member state; passes laws, approved budget, coordination of economic policies, developes foreign policy, coordinated anticrime strategies
eu commission
20 commisionsers appinted by each member state every 5 years; proposes legislation, implements policies, law enforcement, international coordination
european central bank
implements and monitors eurozone monetary policy; inflation target of less that 2% per year
european investment bank
owned by member states; raise fnanc through financial markets, invest in projects to promote aims of eu
court of auditors
monitors legality ad efficiency of eu income and expenditure
court of justice
one judge from each member state; interprets and applies eu legislation
cap - common agrucultura policy
sustainability, food quality, animal welfare, food safety, control, farmers welfare, employment in agriculture
cfp - common fisheies policy
conservation of fist stocks, aid to fishing industry, monitor suppy and demand, negotiate wih non-eu members on fishing issus
euro
monitor introduction and development
single market
free movment of goods, services, labor and capitl between member states; began in 1993; got rid of obstacles of trade; removed barriers
tax harmonization
reduce differentialsin tax regimes throughout the single market to aid competition and transparency
members outside eurozone
uk denmark and norway, and enlargement countries 2004
barriers to the single market
regulatory, technical, legal, bureaucratic, cultural, protectionist
benefits of single market
lower prices, greater choice of goods; fair competition, economies of scale, expansion to globalmarkets
euro
introduced in 2002; currency for 12 of 25 member states; non-eurozones are uk, sweden, denmark, norway, and new member states; final part of economic and monetary union
economic and monetary union
stage 1: remove barrieres
stage 2: european central bank
stage 3: intro of euro
globalization
the movement towards the expansion of economi and social ties between countries through the spread of corporate institutions and the capitalist philosophy that leads to the shrinking of the world in economic terms
globalization involves
recognition, equality/inequality, outsources, growth, technology, shrinking world, environment, capitalism, trade vs aid
integration of economies
the increasing reliance of economies on each other; the growth of global markets in finance, opportunities for markets accros the world
integration of economies made possible by
technology, communication networks, internet access, growth of economic cooperation, growth of economic cooperation
benefits of trade
increased choice, greater potential for growth, increase inernational economies of scale, greater employment opportunities
disadvantages of trade
increase in gap between rich and poor; dominance of global trade by northern hemisphere countries, lack of opportunities for poor; exploitation of workers and growers
multi-national or transnational corporations
businesses with a headquarters in one country but with business operations in a number of others
characteristics of corporates expansion
expanding revenue, lowering costs, sourceing raw materials, controlling key supplies, control of processing, global economies of scale
corporate domination issues
damage to environment, exploitation of labor, monopoly power, economic degradation, non-renewable resources, damage to cultures
external shocks to the global economy
natural disasters, energy costs, famine, share prices, uncertainty, economic policies, war
evergy costs
oil prices, gas prices, non-renewable resouces
famine
economic degradation, harvests, international markets
share prices
global economic slowdown, regional economic problems
shareprices
reflect the expectation of future financial performance, a belief that prices may fall in any area of the world is sufficient to trigger global market changes
economic policies
interest rates, aid policies, domestic policies; interest rates changes anticipated across the world
domestic policies
trade protectionism (us tariff on steel); regulation (impacts of trade patterns); trade blocs (nafta, eu)
uncertainty
collapse of major industry, fraud, corruption, political change, natural resources, rumors, payment default
war
middle east, africa; increases uncertainty and leads to potential economic dislocation
problems facing multinationals
language barriers, marketing, relations with host governements etc
multinational companies advantages
employment, balance of payments, technology transfer, tax revenues
multinational companies disadvantages
uncertainty, power and control of host country, transfer pricing, environment
protectionism
tariffs, quotas, non-tariff barriers; means by which trade between countries is resticted in some way
tariff
tax on a good coming into a country
quota
physical restriction on the number of goods coming into a country
non-tariff barriers
rules, regulations, legislation, exacting standards, volutary export restrictions
trade liberalisation
aims to free up world trade and break down the barrierse to international trade; GATT/WTO;
benefits of trade liberalization
promotes international spacialization and increases world output; promotes efficient use and allocation of world resources; allows developing countries to access world markets; facilitaes the working of the international market system