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317 review - Features of la mondialisation conomique? n...

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Unformatted text preview: Features of la mondialisation conomique? n Generally argued that todays major economies are more integrated than theyve been at any time in history- Instantaneous communications- Modern transportation- Relatively open trading systems n This allows most goods to move across boundaries without major obstacles and low relative costs n Cf 1870-1913, 1914-45, 1950-present? International integration of national economies has brought many benefits to many nations such as n Technological innovation n Less expensive products n Greater investments in scarce resource regions Outcomes of Globalization? Key new features of the global economy n Deeper Integration n Economic Relations/International organizations n Regional Trade Agreements At the heart of the course: - Trade & economic growth and their policies n Understanding globalization, requires defining or measuring the animal n Four criteria or measures for gauging the degree of integration/globalization n Trade flows n Capital flows Understanding Economic Globalization? 55 Twelve Issues in the Global Economy? 66 TEN Issues in the Global Economy 1. The Gains from Trade 2. Wages, Jobs and Protection 3. Trade Deficits 4. Regional Trade Agreements 5. The Resolution of Trade Conflicts 6. The Role of International Institutions 77 Twelve Issues in the Global Economy (cont.) 7. Exchange Rates and the Macroeconomy 8. Financial Crises and Global Contagion 9. (Latin America & the World Economy) 10. Capital Flows and the Debt of Developing Nations 11. (Export-Lead Growth in East Asia) 12. The Integration of India and China into the World Economy 88 2. Global Economic Institutions since WWII n History and functions of global institutions in world economy n Taxonomy of global economic institutions n Role of regional trade agreements in the global economy n Arguments for/against global economic institutions 99 From GATT to WTO n Uruguay Round established the WTO (Jan 1, 1995) n reaches beyond GATT to new trade issues n GATS, TRIPS, TRIMS n has a more effective dispute settlement mechanism n monitors national trade practices more consistently n Membership now totals 153 n 1010 GATT/WTO Principles n Based on 2 principles which are the foundation of all GATT/WT) agreements: (established in 1934 Reciprocal Trade Agreement Act) n Nondiscrimination: enshrined in the concept of most favored nation (MFN); every WTO member must treat every other member as it treats its most favored trading partner n National treatment: imports must be given similar treatment on the domestic market as domestically produced goods. 1111 Regional Trade Agreements 1212...
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This note was uploaded on 05/17/2011 for the course ECON 317 taught by Professor K during the Spring '11 term at Maryland.

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317 review - Features of la mondialisation conomique? n...

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