ADMS 1000 Lecture Notes - Lecture 15: Mercosur, Trade Wars, General Agreement On Tariffs And Trade

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Eytan Lasry

Document Summary

The purchase, sale or exchange of goods or services across countries. The logic of trade encourages nations to specialize in goods/services in which they are most efficient and trade with other countries for goods/services not produced domestically. Encourages trade surpluses where exports are more than imports. Colonial powers (britain, france, spain, netherlands) conquered countries to gain access to raw materials and markets. Tariffs tax placed on goods entering a country. Rising sales, prices, employment, spending and government revenues. International trade agreements, aid providers or trading blocs. Took over from gatt, to manage world trade agreements. Free trade area removing subsidies & quotas for member countries but autonomy in selecting trade agreements with non-members. Fta but less freedom about interacting with non-members i. e. common policy. Cu + a free flow of labour and capital across borders. Cm + co-ordination of economic policies including high levels of integration. 27 countries (12 using euro currency) and > 450 million people.