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october 3rd 2007 - European Union and NAFTA Trade...

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After WW 2 we had GATT. Prior to WW 2 it was regionalized. Increased Trading 1) relaxation of tariffs 2) increased transportation 3) communication Trade Blocks – Comparative advantage that leads to specialization Terms of trade – when 2 countries agree on the comparative advantage that leads to specialization. Trade block – countries coming together and getting special treatment in their region.
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Unformatted text preview: European Union and NAFTA. Trade impediment policies- Comparative advantage + specialization + terms of trade = higher standard of living Most favored nation allows a nation to export goods into the U.S. with the lowest tariffs....
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