BUS 200 Chapter Notes - Chapter 7: Voluntary Export Restraints, Illegal Dumping, Neomercantilism
20 Jun 2017
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Dumping: when a country is selling goods in a foreign market for less than their cost of production or below their fair market value; can help developing markets get a variety of products. Illegal dumping: its ok when a producer is off loading their excess products but it is not ok when the government or producers are driving down the cost of production to sell a cheaper product. Antidumping policies: designed to punish foreign firms that engage in dumping and thus protect domestic producers from unfair foreign competition. General agreement on tariff and trade (gatt): a multilateral agreement whose objective was to liberalize trade by eliminating tariffs, subsidies, important quotas etc. The world trade organization (wto): developed in 1995 and encompassed gatt, and added on two more treaties: general agreement on trade in services (gats) and trade-related aspects of intellectual property rights (trips) Hot issues: anti-dumping policies, intellectual property rights, agriculture protection.
