Globalization of Trade and Finance

Globalization of Trade and Finance - Globalization of Trade...

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Globalization of Trade and Finance 1. Big Question a. Who Adjusts? b. Does it increase or decrease inequality? c. Can it be managed? 2. Trade a. Interest group politics and free trade a.i. Nobody says they are against free trade but they will say a country is not trading fairly…or that some particular industry is so important you cannot let it whither…Ex. Agriculture in the E.U….thus they get subsidies from there government but it makes farmers in the other places less competitive a.ii. Caution us against viewing free trade on a global level too simplistically a.iii. Within every country every government has to make negotiations between its constituents and the interest groups before they want to get to the international level a.iv. Why not just trade them? Because there agricultural interests in the other countries that is bad for them. . b. Whither the WTO? b.i. Where is free trade headed? Is it going to expand? Stop where it is? Or Back track? b.i.1. Important time for this question because liberalization of free trade has literally stopped in its tracks b.i.2. Some are arguing for increase in trade protection such as the US Trade Congress b.i.3. Since WWII three trends and incremental of a reduction in trade barriers…gradual expansion of free trade where the GAT had 20 and now the WTO has 120…third trend is tension between the leading trade states like the US and Japan in 70s and now China and basically everyone else, the third trend is the dominant one today…. b.ii. In 2001 the WTO started the Doja rounds and subsequent meetings have literally been canceled because they cannot even agree what the agenda should be b.ii.1. E.U which acts as a single actor, is interested in above all access to markets around the world. b.ii.1.a.
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Globalization of Trade and Finance - Globalization of Trade...

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