2.3 Meek Trade Flashcards
Which currency dominates?
US dollar
During colonialism, who was the largest producer of cocoa?
Ghana
What ensures supply of products?
Future contracts
Who destroyed part of their crop in 2000?
Ivory Coast, Ghana, Nigeria and Cameroon to drive prices up in response to dependency theory
What is tariff escalation?
Higher import duties on semi-processed products than on raw materials, and higher still on finished products. This practice protects domestic processing industries and discourages the development of processing activity in the countries where raw materials originate.
When did Ghana join the WTO?
1995
What condition did the WTO impose on Ghana?
not allowed to subsidise farmers
What is Kuapa Kokoo?
Began in 1993 - 40,000 members in 650 villages producing 1% of global crop - pays farmers more per bag of cocoa by selling it to Fair Trade
What is bad about Fair Trade?
Other producers lose out, everyone is buying fair trade products
Who is in control?
Debatable - producers - without cocoa - no chocolate industries, WTO - controlling, KK - benefitting some, not others
