Lecture 7 - Lecture 7 29/01/2008 12:03:00 Lecture 7...

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Lecture 7 29/01/2008 12:03:00 Lecture 7 (Outline) I. International Property Rights (PR) and U.S. and British Power 1840s-1890s property rights weren’t critical before this o the rights were enforced by military 1. British Policy: Fair Field and No Favor the British favored the free market ( an invisible hand) o wanted free access to international markets no favor o there is no special treatment for any country o no subsidies o 2. British Sacrifice PR (on repayment of bonds) for Foreign Trade 3. British Feared Uncertain Consequences if Intervened for Bonds (Trade; U.S.) bondholders- British no protection o they would just default o the British are very pro trade 4. Bondholders Formed Collective Associations 5. British Intervened for Foreign Direct Investment (FDI) – adequate vs. just compensation (sovereign rights) they did not want any companies to go to another counties and see there assets being taken away. So they would send in the navy. o
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Lecture 7 - Lecture 7 29/01/2008 12:03:00 Lecture 7...

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