Term
|
Definition
| All goods (labor/land) trade based on market price; free trade; protect private property |
|
|
Term
| Infant Industry Protection |
|
Definition
| (Chang) regulation is necessary to protect industries too young to compete |
|
|
Term
|
Definition
1840s - free trade starts in UK
1870-1913 - age of neoimperialism/neocolonialism; free trade spreads in Europe
1914-1918 - WWI
1917 - Russian Revolution
1929 - Wall Street Crash
1944 - Bretton Woods Conference
1956 - Bandung conderence
1973 - Oil Shocks
1968-1973 transition to Neoliberalism
1982 - Mexican debt crises, 3rd world debt crises
1989 - fall of Communism
1997 - Asian financial crises |
|
|
Term
|
Definition
| mass production, "Corporatism", Fordism, Bretton Woods institutions, control of finance capital moved from London and Wall Street to Washington and Bretton Woods institutions; Currency rates pegged to USD which is pegged to gold |
|
|
Term
|
Definition
| 1944 creation of World Bank, IMF, GATT (instead of ITO International Trade Org); Marshall Plan |
|
|
Term
|
Definition
| 1948-51 rebuild Europe's destroyed infrastructure, finance import bill for Europe |
|
|
Term
| Bandung Conference, Indonesia |
|
Definition
| 1956 nuclear disarmament, economic sovereignty (non-alignment), cooperation between 3rd world countries and national industrialization; set up New International Economic Order (NIEO) |
|
|
Term
| New International Economic Order (NIEO) |
|
Definition
| 3rd world industrialization through import substitution industrialization; set up at the Bandung Conference |
|
|
Term
| Import Substitution Industrialization |
|
Definition
| High tariffs and subsidies to protect local industry, goal to substitute imports with locally produced goods; idea started in 1930s Latin America and spread to decolonized countries with NIEO |
|
|
Term
| Preferential trade or Asymmetric Protection |
|
Definition
| Country A lowers its tariff barriers for a product but does not demand that Country B does that same; ex. Europe with former colonies in Africa, Caribbean and Pacific Island on bananas; US and Caribbean for clothing |
|
|
Term
|
Definition
| 19th century liberal period under British empire; trade/financial market liberalization, private production, no barriers to foreign investment, securing global property rights, less public spending, tax reform, flexible labor markets |
|
|
Term
|
Definition
| state planning will lead to fascism |
|
|
Term
|
Definition
| income that oil producing states receive for exports, which they then invest in European and US banks, who loan it out to 3rd world countries at low interest rates |
|
|
Term
|
Definition
| Student of Hayek, Chicago School of Economics |
|
|
Term
| Neoimperialism/Neocolonialism |
|
Definition
| 1870-1913 free trade spreads to the rest of Europe; employing financial and trade policies to dominate less powerful countries |
|
|
Term
|
Definition
| Economic and social system based on industrial mass production; high wages to workers |
|
|
Term
| ITO, International Trade Organization |
|
Definition
| 1944 from the Bretton Woods Conference, never came to be, was replaced by the GATT |
|
|
Term
| GATT, General Agreement on Tariffs and Trade |
|
Definition
| Negotiated in the UN, replaced the ITO, 1947-1993, replaced by the WTO; Annecy round tariff reductions; Torquay round became a world body; Geneva Round, Dillon, Kennedy Round, Tokyo Round tariff reductions; Uruguay Round agriculture |
|
|
Term
| IMF, International Monetary Fund |
|
Definition
| 1944 Bretton Woods, objectives are economic cooperation, international trade, employment and exchange rate stability |
|
|
Term
|
Definition
| 1944 Bretton Woods, Finance the reconstruction of nations ruined by WWII |
|
|
Term
|
Definition
| Industrialized capitalist countries |
|
|
Term
|
Definition
| former communist block of the USSR and some eastern European countries |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Toyota started as a textile machinery manufacturer, and moved into cars in 1933; GM and Ford were kicked out in 1939 and Toyota was bailed out in 1949 |
|
|
Term
|
Definition
| 1973 oil crises when OAPEC started an oil embargo in response to US decision to resupply Israeli military |
|
|
Term
|
Definition
| 40th, 1981-1989, neoliberalism, reducing tax rates, reducing inflation, deregulation, reducing government spending; Uruguay round |
|
|
Term
|
Definition
| UK PM 1979-1990, neoliberalism, conservative, deregulation, flexible labor markets, selling state owned companies, end subsidies |
|
|
Term
|
Definition
| Chilean army general who gained power leading a coup d'etat in 1973, commander-in-chief, president; influenced by Chicago Economics, currency stabilization, tariff cuts, open markets to global trade, curb union power, private social security |
|
|
Term
| Latin American Debt Crises |
|
Definition
| 1980s foreign debt exceeded their earning power and they were unable to repay; money borrowed from international creditors for infrastructure programs; Mexico 1982 |
|
|
Term
| structural adjustment programs |
|
Definition
| Through IMF and World Bank in developing countries; conditions for getting new loans: implement free market policies like privatization, deregulation, reduce trade barriers |
|
|
Term
|
Definition
| 1989 economic policy prescriptions promoted for developing countries by DC-based institutions like IMF and World Bank |
|
|
Term
|
Definition
| Indian textiles banned in England; dumping of Indian calicoes into European market at low prices; tax placed on all Indian textile exports; mechanization in UK drives prices down further; Indian textile production destroyed, shift into specialization of cotton |
|
|
Term
| British Imperial Trading System |
|
Definition
| 1815-1914, control over global trade; East India Company in Asia and opium; Dutch East India Company to southern Africa |
|
|
Term
|
Definition
| Wealth of Nations 1776, division of labor is necessary, bartering without force is always advantageous though not always equally; mature industries benefit from unnecessary protections; colonial trading profits merchants but burdens rest of UK economy |
|
|
Term
|
Definition
| Adam Smith; specialization of cooperative labor, associated with growth of output and trade, capitalism, and industrialization |
|
|
Term
|
Definition
| state intervention to maintain a trade surplus to increase gold held by the state |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| (1772-1823) comparative advantage |
|
|
Term
|
Definition
| the ability of a party to produce more of a good than competitors using the same amount of resources |
|
|
Term
|
Definition
| The ability of a party to produce a good at a lower marginal and opportunity cost than a competitor |
|
|
Term
|
Definition
| Adam Smith, divison of labor |
|
|
Term
|
Definition
| self-sufficient, closed economies |
|
|
Term
|
Definition
| comparative advantage is based on abundance in a factor of production, be it capital or labor |
|
|
Term
|
Definition
| 1846 end tariff protections on UK manufacturing, drops agricultural tariffs; Manufacturing was strong and benefits from the cheaper wages because the cost of food dropped |
|
|
Term
|
Definition
| halting the move to industrialization on the continent by enlarging the market for agricultural produce and primary materials; anti-Corn Laws |
|
|
Term
| Infant Industry Protection |
|
Definition
| Alexander Hamilton in 19th century; tariffs on manufactured goods, export bans on key raw materials, lower tariffs on key inputs, regulation of product standards, infrastructure, patent protection |
|
|
Term
|
Definition
| 19th century advocate for infant industry protection |
|
|
Term
|
Definition
| Terms of trade argument; there are gains from trade specialization but they are not equal because countries specializing in raw materials suffer declining terms of trade to manufactured good; Solution is Import Substitution Industrialization |
|
|
Term
|
Definition
| over time, a country's exports lose value relative to its imports, decreasing that country's purchasing power; inequality between raw material countries and industrialized countries will increase over time |
|
|
Term
| Import Substitution Industrialization |
|
Definition
| Replacing foreign imports with domestic production |
|
|
Term
|
Definition
| surplus gained through the inefficiency of trade are appropriated by the global North because it's more powerful; it doesn't matter what the South specializes in, the subordinate countries will receive an unequal share of the gains from trade |
|
|
Term
|
Definition
| comparative advantage is not static; adjustments to trade are not seamless, social costs can outweigh the benefits; advocate policies to shape country advantages |
|
|
Term
|
Definition
| If the winners from an economic change can fully compensate the losers and still have something left, the change is worth making |
|
|
Term
| Old and New international division of labor |
|
Definition
| Divergence of Global South (East Asia vs. Latin America/Africa); global North and East Asia dominate manufacturing; more countries participating in manufacturing exports; top 15 counties = 2/3 total exports |
|
|
Term
| multilateral, bilateral, and regional trade agreements |
|
Definition
| Multilateral: ITO proposed at Bretton Woods, fails in Congress, GATT 1947 |
|
|
Term
|
Definition
| (Non-discrimination) status given to WTO trading partners; every country with this status pays the same tariff rate |
|
|
Term
|
Definition
| once a foreign product is within the borders of the importing country, it will be subject to the same regulations as the domestic country's products |
|
|
Term
|
Definition
| duty rates committed under the multilateral trading system |
|
|
Term
|
Definition
| Reagan called for liberalizing trade; these GATT rounds started in 1986, and resulted in the WTO, agriculture brought under GATT; subsidy and tariff reductions |
|
|
Term
|
Definition
| Under GATT, countries choose which agreements to sign on to, policy flexibility for individual countries; Under WTO, single undertaking principle - all members must sign on to all agreements |
|
|
Term
| General Agreement on Trade in Services (GATS) |
|
Definition
| WTO treaty resulting from Uruguay Round in 1995; extended the multilateral trading system to the service sector; most favored nation applies |
|
|
Term
| Trade-related intellectual property agreements (TRIPs) |
|
Definition
| Strengthened the protection of patents and other property rights, which generally developed countries sell to developing countries |
|
|
Term
| Trade-related investment measures (TRIMs) |
|
Definition
| Restricts WTO members' ability to regulate foreign investors. Mostly poor countries receive foreign investment. |
|
|
Term
|
Definition
| negotiation, WTO dispute panel hearing, remedy, appeal, failure to remedy leads to sanctions or membership suspension; governs the process of settling trade disputes; panel of experts |
|
|
Term
|
Definition
| the director-general's conference room where meetings of 20-40 delegations at the level of heads of delegations; invite only |
|
|
Term
|
Definition
|
|
Term
|
Definition
| organized efforts of multiple people or organizations outside of the state to pursue political goals within a society |
|
|
Term
|
Definition
| WTO Ministerial Conference of 1999; anti-capitalist, pro-labor, environmentalist, anti-corporationists; delegates unable to get to the meeting |
|
|
Term
|
Definition
| Non-agricultural market access: developing countries reduce industrial tariffs in exchange for rich countries lowering tariffs and subsidies for agriculture |
|
|
Term
| 'single undertaking' principle |
|
Definition
| WTO, all members must agree to every agreement |
|
|
Term
| special and differential treatment |
|
Definition
| Rich countries claim they still give poor countries asymmetric trade in a 'transition period' but poor countries want it permanently |
|
|
Term
| non-agricultural market access (NAMA) |
|
Definition
| a proposal that would see developing countries further reduce industrial tariffs in exchange for rich countries lowering tariffs and reducing subsidies for agriculture |
|
|
Term
| Collapse of Doha talks at Cancun (2003) |
|
Definition
| Singapore issues, extend WTO jurisdiction into investment, competition, government procurement, trade facilitation; developing countries argued that their issues like farm subsidies were not addressed, leading to collapse of talks |
|
|
Term
|
Definition
Mexico: the regulations create an unnecessary burden and they're discriminatory
Ruling 1: cannot embargo, so the US started the label laws
Ruling 2: requirements for label are too strict |
|
|
Term
|
Definition
| WTO is democratic: member org, 1 country 1 vote, consensus and rarely takes a vote, transparent, rules over force |
|
|
Term
|
Definition
| small countries are unable to fight for interests unless a rich country backs them; undemocratic; developed countries have more delegates to go to every conference |
|
|
