This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Essentials of International Relations 5e Vocabulary Ch. 9 comparative advantage - the ability of a country to make and export a good relatively more efficiently than other countries; the basis for liberal economic principle that countries benefit from free trade among nations derivatives - financial instruments often derived from an asset (mortgages, loans, foreign exchange, interest rates) which parties agree to exchange over time; way of buying and selling risk in international financial markets General Agreement on Tariffs and Trade (GATT) - founded by treaty in 1947 as the Bretton Woods institution responsible negotiating a liberal international trade regime that included the principles of nondiscrimination in trade and most- favored-nation status; re-formed as the World Trade Organization in 1995 Group of 7 (G7) - group of the traditional economic powers (US, Great Britain, France, Japan, Germany, Italy, Canada) who meet annually to address economic problems; when Russia joins, the G-8 discussions...
View Full Document
- Spring '08