Peng_Chapter 8

Peng_Chapter 8 - GLOBAL ECONOMIC INTEGRATION Regional...

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Unformatted text preview: GLOBAL ECONOMIC INTEGRATION Regional economic integration - efforts to reduce trade and investment barriers within one region Global economic integration - efforts to reduce trade and investment barriers around the globe benefits - global economic integration raises incomes, generates jobs, and stimulates economic growth flaws - environmental impact and unequal distribution of the fruits from more trade and investment among the haves and have- nots in the world General Agreement on Tariffs and Trade (GATT) Bretton Woods Conference introduced the idea for an organization to regulate trade as part of a larger plan for economic recovery after World War II GATT's main objective was reduction of barriers to international trade through reduction of tariff barriers, quantitative restrictions and subsidies on trade through a series of agreements. GATT was a treaty, not an organization World Trade Organization (WTO) World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations At its heart are the WTO agreements, negotiated and signed by the bulk of the worlds trading nations and ratified in their parliaments The goal is to help producers of goods and services, exporters, and importers conduct their business Trade Dispute Settlement The old GATT mechanisms experienced three problems....
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Peng_Chapter 8 - GLOBAL ECONOMIC INTEGRATION Regional...

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