Global Trade and Finance Flashcards
two types of flow of trade
extensity and intensity
Extensity
Spread of finance flows( to what extent the trade has grown how many countries are involved in it
Intensity
spread of trade(morelike uk, us havebiggest exporter
Keynesian economic theory
Bretton Woods Conference 1944, Keynes came with this theory that in order to have sound economy FOCUS ON OUTPUT RATHER THAN PRICE
International Treaty Org situation
ITO was a regulating instituion focusing on the export import of the nations. TRUMAN rejected didn’t go to Congress for ratifcation, bc US was the largest exporter at that time and thus GATT was formed
Why GATT failed
bc it had 8 number of rounds to talk Uruguay round 1986 , the round when WTO was formed 1995
What is Comparative ADvtg
Comm advtg, is a theory by David Ricardo that UK portugal wine and cloth relation but it required political equality. bc when portugal couldn’t pay up for the uk cloth they sent uk to brazil thus african slaves.
Most favoured nation principle
Art 1 GATT that any preferrential tratment would be give n to other members countyr too
what is single undertaking
tactic by developed country members to finalise the assent to a treaty in annual meeting the rules and regulation are discussed in informl way
CAIRNS GROUP
AGricultural LIberalisation, 1986
The Cairns Group is an interest group of 19 agricultural exporting countries, composed of Argentina, Australia, Brazil, Canada, Chile, Colombia, Costa Rica, Guatemala, Indonesia, Malaysia, New Zealand, Pakistan, Paraguay, Peru, the Philippines, South Africa, Thailand, Uruguay, and Vietnam.
What is replacing WTO
Transatlantic Trade and Investment Partnership
Nixon measure in 1971 -73
Removed the bretton woods system us dollars reove fixed interest to gold
