Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

International Relations > Chapter 8 - International Trade > Flashcards

Chapter 8 - International Trade Flashcards

1
Q

What amounts to a sixth of the total economic activity in the world?

A

International trade

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Scholars of international political economy (IPE) study the politics of what?

A

international political activities- especially trade, monetary relations and multinational corporations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

____ are the most important actors in IPE, but not as important as in __________.

A

States & international security

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

True or false: Actors in IPE tend to act in their own interests.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is reflected in the trade regimes that have been established around the world, and the idea of trade in general?

A

Reciprocity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the role of states?

A 
Trade,
Monetary Policy,
Fiscal Policy,
MNC
Economic Integration
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the two major approaches within IPE?

A

Liberalism and Mercantilism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What generally shares with realism the belief that each state must protect its own interests at the expense of others?

A

Mercantilism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Mercantilism emphasizes what?

A

relative power

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What matters when it comes to Mercantilism?

A

its position relative to rival states

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

In mercantilism the importance of economic transactions lies in their implications for their what?

A

military

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

When it comes to mercantilism, economics should serve what?

A

politics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Creation of wealth underlies what?

A

state power

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Where and when did mercantilism achieve prominence?

A

several hundred years ago in Britain, but it declined in the 19th century

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Favorable balance of trade is what?

A

positive balance of trade versus negative balance of trade

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What shares the belief in the possibility of cooperation to realize common gains?

A

Economic liberalism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What holds that by building international organizations, institutions, and norms, states can mutually benefit from economic exchanges?

A

Economic liberalism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

True or false: In Economic liberalism, it holds that by building international organizations, institutions, and norms, states can mutually benefit from economic exchanges.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are two theories of economics and also ideologies that shape state policies?

A

Liberalism and mercantilism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Liberalism works better in _____ than in _____

A

Microeconomics than in macroeconomics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

The term “___” has come to embody the dominance and inequity of the application of power by the great powers at the expense of the middle and lesser powers.

A

neoliberal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Two commodities of great importance in the world are ____ & ____.
two examples are ___ & ____

A

oil and cars

ex. Saudi Arabia and Japan

23
Q

3 examples of political interferences in markets

A
  • World markets
  • Sanctions
  • Autarky
24
Q

Governments can apply ____ against economic interactions of certain kinds or between certain actors

A

Sanctions

25
Q

What is one example in which sanctions have backfired?

A

U.S. and Russia - pipeline

26
Q

What is Autarky?

A

Self-reliance – avoid trading and instead try to produce everything the state needs itself

27
Q

Two countries that are an example of Autarky?

A

Albania and China’s Cultural Revolution

28
Q

What refers to when states try to manipulate international trade to strengthen one or more domestic industries and shelter them from world markets?

A

Protectionism

29
Q

Protection of domestic industries from what?

A

International competition

30
Q

Protection of industry vital to what?

A

National security

31
Q

Protection provides what kind of effort?

A

Defense effort to ward off predatory practices by foreign companies or states

32
Q

Protection discourages what?

A

Imports

33
Q

What are subsidies to a domestic industry, which allow it to lower its prices without losing money?

A

Tax breaks

34
Q

True or false: Protectionism can have both positive and negative effects on an economy

A

True

35
Q

What links the world across space?

A

Information technologies

36
Q

What process based on free trade is shaping the international economic agenda?

A

Global integration

37
Q

What is central to trade regimes?

A

Wold Trade Organization

38
Q

What is a global, multilateral IGO that promotes, monitors, and adjudicates international trade?

A

World Trade Organization

39
Q

What is this an example of?
Most favored nation (MFN) concept: trade restrictions imposed by a WTO member on its MFN trading partner must be applied EQUALLY to all WTO members.

A

Reciprocity

40
Q

What is an exception to reciprocity within the WTO?

A

Generalized System of Preferences - Trade concessions to third world states to help economic development

41
Q

Most international trade is governed by what?

A

Bilateral and Regional Agreements

42
Q

Bilateral trade agreements are what?

A

Reciprocal arrangements to lower barriers to trade between two states

43
Q

Groups of neighboring states agree to remove the entire structure of trade barriers and adopt a common tariff toward states that are not members of the agreement (customs union). This refers to what?

A

Regional free-trade areas

44
Q

What do you call an association of producers or consumers, or both, of a certain product – formed to manipulate its price on the world market?

A

Cartels

45
Q

Consumers do not usually form cartels, but the major oil-importing states formed their own organization.
What is this organization?

A

The International Energy Agency (IEA)

46
Q

What agency coordinates the energy policies of major industrialized states?

A

International Energy Agency (IEA)

47
Q

Economic agreements between states depend strongly on what?

A

The reciprocity principle for enforcement

48
Q

What complicates the enforcement of equal terms of trade?

A

Differing interpretations of what is “fair”

49
Q

What is dumping?

A

Retaliation aimed at offsetting the advantage enjoyed from goods imported at prices below the world market

50
Q

Trade cooperation easier to achieve under what?

A

Hegemony

51
Q

What is transforming not only trade, but money, business, integration, communication, environmental management, and the economic development of poor countries?

A

Globalization

52
Q

What are things that have happened to evolve the world economy?

A
  • Technological innovation
  • Great Depression and resultant protectionist policy
  • Keynesian economics
  • WWII
  • Soviet bloc - centrally planned economy
53
Q

What have been some resistances to globalization?

A

-Growing nationalism
-Competition from low-wage countries in the global South
-Human rights
Environmental issues
-Benefits of free trade more diffuse than the costs

International Relations (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions