geb20 - REVIEW QUESTION ANSWERS FOR CHAPTER 6 1. Name and...

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REVIEW QUESTION ANSWERS FOR CHAPTER 6 1. Name and describe three compelling economic benefits of global economic integration. Reasons for global economic integration (efforts to reduce trade and investment barriers around the globe) include the following. One is to handle disputes constructively. Another benefit is that global economic integration makes life easier for all participants. Finally, global economic integration raises incomes, generates jobs, and stimulates economic growth. 2. List two disadvantages of global economic integration. Critics are not happy with the environmental impact and distribution of the fruits from more trade and investment among the haves and have-nots in the world. 3. Briefly summarize the history of the WTO. The World Trade Organization (WTO) began as GATT. The WTO was established on January 1, 1995 and became GATT’s successor. 4. What are the six main areas of concern for the WTO? The WTO is an umbrella agreement, simply called the Agreement Establishing the WTO. The WTO is an agreement governing the international trade of goods, still using the old title as the General Agreement on Tariffs and Trade (GATT)—technically it is GATT 1994. The WTO is an agreement governing the international trade of services, the General Agreement on Trade in Services (GATS). The WTO is an agreement governing intellectual property rights, the Trade-Related Aspects of Intellectual Property Rights (TRIPS). The WTO has Trade dispute settlement mechanisms, which allow for the WTO to adjudicate trade disputes among countries in a more effective and less time-consuming way. The WTO has Trade policy reviews, which enable the WTO and other member countries to “peer review” a country’s trade policy . 5. Describe two outcomes of the failure of the Doha Development Agenda. The Doha Round (2001–2006) was the only round of trade negotiations sponsored by the WTO. The upshot of Doha’s failure is stagnation of multilateralism and acceleration of regionalism.
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This note was uploaded on 01/25/2011 for the course GEB 3373 taught by Professor Crum during the Spring '10 term at University of Florida.

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geb20 - REVIEW QUESTION ANSWERS FOR CHAPTER 6 1. Name and...

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