6.3. The Politics of the Global Economy Learning Objectives: –Familiar with the structures of global economic management –Identify the role and function of different economic agreements and institutions –Critically assess “Globalization”

6.3. The Politics of the Global Economy The key states

6.3. The Politics of the Global Economy Trade Institutions and Agreements: The Global Trade Regime: the WTO

The WTO 1 January 1995 Created by Uruguay Round GATT 150 member states Current negotiation Round: Doha Geneva 630 staff $US 141 million budget The significance

Trade Disputes and the WTO: subsidies, unfair trade practices, and regulatory regimes Technology Partnerships Patent and Copyright Protection Drug Patents Growth Hormones Dairy Genetically Modified Organisms (GMOs) Disease and Trade

Trade Disputes and the WTO: subsidies, unfair trade practices, and regulatory regimes Agricultural subsidies The “Washington Consensus”

6.3. The Politics of the Global Economy Trade Institutions and Agreements: The Global Trade Regime: the WTO The G8

Canada, France, Germany, Italy, Japan, Russia, United Kingdom, United States The aim of the G8

6.3. The Politics of the Global Economy Trade Institutions and Agreements: The Global Trade Regime: the WTO The G8 Preferential (Regional) Trade Agreements

Preferential Trade Agreements: Regionalism and the World Economy North American Free Trade Agreement (NAFTA) European Union (EU) Asia Pacific Economic Cooperation (APEC) Association of South East Asian Nations (ASEAN) Mercado Común del Sur (Mercosur) Central America Free Trade Agreement (CAFTA) Caribbean Community (CARICOM)

6.3. The Politics of the Global Economy Trade Institutions and Agreements: The Global Trade Regime: the WTO The G8 Preferential (Regional) Trade Agreements Bilateral Trade Agreements

6.3. The Politics of the Global Economy The Emergence of MNCs

Visualizing the Management of the Global Economy

6.3. The Politics of the Global Economy The Liberal Critics The Realist Critics The Neo-Marxist critics Feminist Critics

Summary At the end of this class, you should be familiar with the structures of global economic management. You should be able to identify the role and function of different economic agreements and institutions, and the issues and debates they deal with. You should be able to critically assess “globalization” and the criticisms directed against it by different theoretical perspectives.