Trade and Globalization

1
Trade and Globalization
2
key terms

• economic liberalism
• favoring free flow of trade and investment
• mercantilism or protectionism
• protecting domestic industries with subsidies,
  tariffs, and non-tariff barriers

3
comparative advantage

• specializing and trading benefits all?

4
Liberal International Economic Order

• GATT
• Bretton Woods institution for the reduction of
  tariffs
• WTO
• replaces GATT in 1995
• expanded and given teeth--authorizes retaliation

5
(No Transcript)
6
(No Transcript)
7
Regional Trade Agreements

• NAFTA
• EU
• APEC
• towards liberalized world trade, or trading
  blocks?

8
The future of international trade

• increasing protectionism with declining US
  hegemony?

9
Globalization

• Interconnection with the world

10
(No Transcript)
11
sources of globalization

• liberal trade/pro export policy
• communications technology
• TV, computer/internet, phone
• transport
• air travel, containerization
• immigration

12
(No Transcript)
13
(No Transcript)
14
(No Transcript)
15
(No Transcript)
16
(No Transcript)
17
Immigration

• The US--post 1965
• end of nation quotas, more chain migration
• Europe in the 60s
• guest-workers and former colonies
• anti-immigrant parties

18
(No Transcript)
19
Cultural Homogeneity?
20
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