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Unformatted text preview: 10/17- Batt- US trade balance plummeted in the 1990s 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 1950s it had 50 countries o By 90s 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...
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- Fall '07