notes. 10.17

notes. 10.17 - 10/17 Batt US trade balance plummeted in the...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 10/17- Batt- US trade balance plummeted in the 1990’s and into the 2000s- Trade Liberalization o GATT- trade equivalent of Bretton-Woods Encourages a complete (all sides) reduction of tariffs Key principles • Most favored nation (Nondiscrimination)- if any member open borders/reduces tariffs to one country, if has to do it for all countries (that are members) o Transparency- have to be able to see what is going on, how they are monitored o Fairness- no dumping (selling goods in another country for less than production price) • Members initially OECD- advanced economies (organization of economic cooperation and development) o By 1950’s it had 50 countries o By 90’s nearly every country 1980s/90s- developing countries brought in 1970s- free trade among OCED countries 1990s- tariffs were lower point n centuries, global trading prominent forage Exports/World GDP how globalized trade Tariffs drop from 40% in 50s to 5% in 90s 1970-2000 trade jumps uncontrollably o Trade Blocks...
View Full Document

This note was uploaded on 03/14/2008 for the course ILRIC 2350 taught by Professor Batt,boyer,givan,kur during the Fall '07 term at Cornell.

Page1 / 4

notes. 10.17 - 10/17 Batt US trade balance plummeted in the...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online