March 21 - SOC 2237 Lecture Notes General Agreement on...

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March 21, 2012 SOC 2237: Lecture Notes General Agreement on Tariffs and Trade (GATT) Although the Breton Woods agreement called for an International Trade Organization there was no consensus Emerged in 1947 to set rules on global trade in industrial goods only o Only dealing with the G-7 nations Much of the 3 rd world was producing primary goods After 7 rounds of tariff negotiations over the next 40 years GATT reduced tariffs from 40% to 50% to 4% to 5% The making of a Free Trade Regime 1980s US initiated Uruguay Round of GATT to liberalize agriculture and services o 1948-80 General Agreement on Tariffs and Trade had expanded trade by reducing tariffs on manufactured goods by 75% o Liberalization supported by “free trade” agro-exporting states, TNCs, and agribusiness o Uruguay Round redefined food security as best provided through smooth-functioning world market o Placed small farmers at comparative disadvantage o Food security ‘governed” through the market by corporate (look up) WTO

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