Exam 3 Review Sheet - Review Sheet 3 Lecture The...

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Review Sheet 3 Lecture: The International Trade System Definitions Exports Imports Trade is measured as (Exports+Imports)/GDP Facts about trade Growing faster than national economies. But…still a small part of many economies. Big countries trade very little (% economy) Restrictions on trade (protection) have been decreasing. Most trade is between rich countries Trade between Developed Countries 1820-1879 (British Hegemony): Free trade 1879-1900 (Decline of Britain): Increasing closure 1900-1913: (Decline of Britain): Free Trade 1918-1939 (Rise of US): Protectionism 1945-Present (US Hegemony): Generally free trade More facts about trade (understand these) Fairly open international trade system. Overlapping institutions governing trade High tech goods trade and services dominated by rich countries. Problem of “monoexporters” in many of the poorest countries. Be able to list and explain the reasons to trade Specialization Consumer Choice Competition Trade in Technology and Ideas Criticisms of Trade Reliance on other countries (realist) Another tool to exploit poor countries (Marxist) Trade is good for the economy as a whole, but it has distributional consequences (liberal)
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Reading: Oatley 18-67 Know all of the bolded terms of Oatley Understand the basics in the section on “What IS the WTO” How did Hegemony affect the international trade system What are the new issues in the WTO? How would a regional trade agreement lead to problems for the WTO? You do not need to know the math on the gains from trade, but you should understand the logic of comparative advantage vs absolute advantage How does the WTO help lead to trade cooperation? You do not need to know the details on the dispute mechanism on page 63 (you
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Exam 3 Review Sheet - Review Sheet 3 Lecture The...

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