Chapter 8 Flashcards
Global & National Economies
Brenton Woods Conference
1944: Multilateral trade for prosperity and peace, Currency stability, Challenge of failed states
General Agreement on Tariffs and Trade
Legal agreement between countries, to promote international trade by reducing or eliminating trade barriers such as tariffs.
Smoot-Hawley Tariff Act (1930)
The act raised U.S. tariffs on over 20,000 imported goods
Subsidies
Aid given to sector to promote policy
Tariff
Taxes put on imports or exports
North-American Free Trade Agreement (NAFTA)
Agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries.
European Union (EU)
The purpose of achieving political and economic integration.
Neoliberalism
Modified form of liberalism tending to favor free-market capitalism
Washinton Consensus
Set of 10 economic policy prescriptions considered to constitute the “standard” reform package promoted for crisis-wracked developing countries by Washington, D.C.
Group of Twenty (G20)
an international forum for the governments and central bank
Uruguay Round
Paved way for trade liberalization
World Bank
International Bank for Reconstruction and Development
Liberal international economic order
International rules-based arrangement focused on economic openness (Realist, Liberal, Marxist)
Mercantilist
Powerful states design financial institutions
Marxist View
Global economy more important than interstate politics
