Trade and Globalization key terms “economic liberalism” favoring free flow of trade and investment “mercantilism” or “protectionism” protecting domestic.

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Presentation transcript:

Trade and Globalization

key terms “economic liberalism” favoring free flow of trade and investment “mercantilism” or “protectionism” protecting domestic industries with subsidies, tariffs, and non-tariff barriers

comparative advantage specializing and trading benefits all?

Liberal International Economic Order GATT Bretton Woods institution for the reduction of tariffs WTO replaces GATT in 1995 expanded and given teeth--authorizes retaliation

Regional Trade Agreements NAFTA EU APEC towards liberalized world trade, or trading blocks?

The future of international trade increasing protectionism with declining US hegemony?

Globalization Interconnection with the world

sources of globalization liberal trade/pro export policy communications technology TV, computer/internet, phone transport air travel, containerization immigration

Immigration The US--post 1965 end of nation quotas, more “chain” migration Europe in the 60s guest-workers and former colonies anti-immigrant parties

Cultural Homogeneity?

Global Village or Global Pillage? WTO may determine that environmental, health, labor standards are really NTBs examples of dolphin-safe tuna and turtle-safe shrimp Tariffs reduced more on poor countries’ small producers than rich countries’ large agricultural producers But poor countries winning at WTO against US cotton