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march 27 notes - M ax NW = CS PS GR Government doesn't...

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Max NW = CS + PS + GR Government doesn't maximize this! 214 votes to pass NAFTA or GATT. w/o labor contributions w/o any contribution: 256 vote, NAFTA would have passed anyways Smoot-Hawley international trade organization was a treaty. It failed, it had binding powers GATT was agreement to reduce tariffs Two countries negotiate- bilateral. This presents problem for them engaging in trade with rest of world. This might help other countries, because of free rider problem. Example is US and Canada set 10% on coffee. Colombia might benefit from it. Quota licenses are the problem Move to tariffs Prove that domestic producers cant compete with importers because of “surge in imports” and you can protect to “bide some time” TRIPS: trade-related aspects of intellectual property. Problem of patents. 20 years for every country MFN Example The EU has a 10% tariff on medicine coming from Canada, but 15% on medicine coming from mexico. You cant decrease it and choose the countries. Right to retaliate Exception: free trade Customs Union- common 1 type of international trade rules
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