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24 Cards in this Set
- Front
- Back
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What is hard law?
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Legally binding, obligations that are precise and that delegate authority for interpreting or implementing the law
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What is soft law?
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Legal arrangements, weakened along one or more of the aforementioned dimensions (obligation, precision, delegation)
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What is most favored nation?
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No preference of identical good from different countries.
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What is national treatment?
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Once the quotas and tariffs are applied all goods are treated as a domestically produced good.
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What is micro-lending?
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supply of small loans to small and developing countries. High interest.
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What is integration?
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The voluntary linking in the economic domain of two or more formerly independent states to an extent so that authority over key domestic regulations and policy is shifted to the supra-national level
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What is regional integration?
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process of providing common rules, regulations and policies for a region
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What is leakage?
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some countries decrease their polution, comparative advantage shifts to other countries.
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What is an epistemic community?
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common set of causal beliefs, shared notions of validity, work on common policy projects and have shared normative commitments and beliefs.
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What is sustainable development?
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meets the needs of the present without compromising the ability of future generations to meet their needs.
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Three types of legal systems in the world?
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1. civil law (legislation and codes)
2. common law (cases and interpretations) 3. Islamic law (Quran and judicial consensus among religious leaders) |
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Three main legal principles that differentiate the legal systems.
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1. Stare Decisis (use of precedence)
2. Bona Fides (good faith in contracting) 3. Pacta sunt cervanda (expectation contract will be binding) |
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Five levels of economic integration
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1. free trade area (tariffs eliminated between member states)
2. customs union (that + common external tariff and negotiating block) 3. Common market (that + free movement of capital and labor across borders) 4. Economic Union (joint planning of monetary, social and fiscal policy) 5. Monetary Union (common currency in lieu of common currency) |
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Four main principles of the WTO
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1. Non-discrimination (most favored nation/national treatment)
2. reciprocity 3. transparency 4. enforceability |
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Four stages of norm evolution
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1. emergance
2. tipping point 3. norms cascade 4. internalization |
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Hard Law vs. Soft Law
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-benefits of hard law : helps with credible commitments, reduces transaction costs, handles incomplete contracting, can delegate
-cons of hard law: contracting costs, sovereignty costs, uncertainty -benefits of soft law: helps with initial cooperation, copromise over time, makes weak and strong states compromise |
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Montreal v. Kyoto
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Montreal v. Kyoto:
Completeness: -Montreal banned CFCs for ALL countries involved but Kyoto only did things for a small # of countries Joint implementation: -Kyoto has a cap and trade, but Montreal you can’t pay anyone off Side payments -Montreal had a money pool to help poor countries get started, Kyoto…developing countries didn’t even need to cut emmissions Permanent Caps: -Montreal yes, Kyoto ends in 2012 Unseating free riders: -Montreal banned trade on any product that had CFCs, Kyoto…nothin’ Compliance enforcement -Montreal yes, Kyoto no Leakage: Montreal you can ban imports, Kyoto had nothing |
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Democratic Deficit
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The fact that leaders are not directly accountable to voters.
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North Atlantic Regional Organizations
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NATO: defensive alliance in practice, but hardly done anything
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European Regional Organization
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EU
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Regional Organizations Asia
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ASEAN, APEC, EAEC
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Regional Organizations Africa
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ECOWAS, ECOMOG
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Regional Organizations South America
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MERCOSUR,
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International Economic Institutions and their main goals
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WTO: meant to cover trade and tariffs
IMF: purpose was the maintenance of international financial stability. Focused on countries devastated by WWII. Lend money in crisises and help with the exchange rate system. World Bank: Started to help Europe after WWII and then transitioned into helping developing countries. |
