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final exam key terms - ISS 315 Key Term List Final Fall...

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ISS 315 Key Term List Final Fall 2007 You should be able to define and understand the significance of the following terms. Y Comparative advantage o US: post WWII vs. 21 st Century Developing industries (niche comp) vs. saving and investment, education, D Were rich after WWII, because everyone owes money and we were getting interests. o Japan J Cohesive internal culture makes it difficult to integrate to international level(guest workers when they need them) l The rest of the world will not accept Japan capturing their home market like they did in US. They now need to add consumer economic then producer economics! :-P o The House of Europe T EEC with the rest of Europe makes creates 850 million markets E Not a poor and well education is a good base N German economy as engine principle G Cultural capitalism o Belief that market has some kind of guiding hand B Debt and interest o To run a trade deficit, a country must borrow from other countries and it accumulates international debt and pay interest on this debt. o Unless the country have trade surplus, that country has to borrow money to pay back the interest and debt grows b Demming o American quality control guru, who didn’t have an audience in the U.S, who Japanese enshrined his policy like a bible. J Double qualified majority vote o any decision taken under this scheme will require the support of at least 55% of the Council of the European Union members who must also represent at least 65% of the EU's citizens. 6 Dumping o Earning a profit of less than 8% o One country exporting and selling the product for less than at home. O European Union o Copenhagen Accession Criteria C Political: protecting human rights, and minorities and have record of stable democratic institution d Economic: functioning of market economy. capable of pressure of common European market
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c Administrative: adopted adminitive changes in assuring interaction within national and EU institution. n Currency o US currency drops its value, so that traveling cost for Americans to Europe(Great Britain) is larger than European traveling in the U.S. B Maastricht Treaty M Negotiating the monetary union and political union N 3 pillars of EU 3 Community Pillar : responsible for trade and economic. Stronger than the power of government in the EU, but uses qualified majority vote. Creation of “Euro”. Also retained power of supranational powers (EP, EC) s
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