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35 Cards in this Set
- Front
- Back
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GATT
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the general agreement on tariffs and trade
determined to not repeat the great depression |
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marshall plan
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dampen the spread of communism
assist in rebuilding europe and japan |
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1950's
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US began to export
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1960's
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MNC (multinational corporations) were facing major challenges on two fronts:
1. resistance to direct investment 2. increasing competition in export markets |
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NIC
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newly industrialized countries
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SOE
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state owned enterprises
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APEC
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Asia-Pacific economic cooperation conference
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OECD
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the organization for Economic cooperation and development
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developing countries growing rates vs non
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6% for 25 years versus 3% for non
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balance of payments
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the system of accounts that records a nation's international financial transactions
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balance of payments 3
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current account
capital account reserves account |
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protectionism
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nations utilize legal barriers, exchange barriers, and psychological barriers to restrain the entry of unwanted goods
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valid arguments concerning protectionism on trade
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infant industry
national defense industrialization of underdeveloped countries |
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tariff
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a tax imposed by a government on goods entering at its borders.
revenue generating or to discourage imports |
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quotas
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a specific unit or dollar limit applied to a particular type of good
UK limits imported TV's |
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Voluntary Export Restraints
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an agreement between the importing country and the exporting country for a restriction on the volume of exports
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blocked currency
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political weapon or a response to difficult balance of payment issues
cuts off all importing or all importing above a certain level accomplished by refusing to allow an importer to exchange its national currency for the seller's currency |
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differential exchange rule
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encourages the importation of goods that the government deems desirable and discourages ones not wanted
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government approval
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experiencing severe shortages of foreign exchange
importers who want to buy a foreign good must apply for an exchange permit- permission to exchange an amount of local currency for foreign currency |
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standards
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protect health, safety, and product quality
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antidumping penalties
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intentionally selling its products in the US for less than the cost of production to undermine the competition and take control of the market
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omnibus trade and competitiveness act
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focused on assisting businesses to be more competences in the world markets
correcting perceived injustice in trade practices deal with trade deficits, protectionism, and the overall fairness of our trading partners |
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omnibus trade and competitiveness act covers 3 ares considered critical in improving US trade
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market access
export expansion import relief |
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4 ongoing activities to support the growth of international trade
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GATT
WTO IMF World Bank Group |
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GATS
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general agreement on trade in services
first multilateral, legally enforceable agreement covering trade and investment in the services sector |
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TRIMs
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trade related investment measures
investment restrictions can be major trade barriers and therefore are included under GATT procedures |
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TRIPs
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Trade-related aspects of intellectual property rights
patents, copyrights, etc |
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WTO
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148 members
institution |
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IMF and World Bank
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global institutions created to assist nation sin becoming and remaining economically viable
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IMF
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stabilization of foreign exchange rates
establishment of freely convertible currencies to facilitate the expansion and growth of international trade |
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SDRS
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special drawing rights
paper gold short term financing |
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World Bank
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reduction of poverty and improvement of living of standards
provides loans |
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World Bank's 5 institutions
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1. lending money to the governments
2. providing assistance to governments for developmental projects 3. lending directly to the private sector 4. investment guarantees, attract foreign investment 5. promoting increased flows of international investment |
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Protest against global institutions
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amalgam of unintended consequences of globalization
environment job losses/exploitation cultural extinction oil prices sovereignty of nations |
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antisweathshop campaigns
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sued clothing importers over working conditions
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