ARTS1811 Lecture Notes - Lecture 9: Bretton Woods Conference, General Agreement On Tariffs And Trade, War Communism

• School: UNSW, UNSW Sydney
• Department: Disciplinary and Interdisciplinary Humanities
• Course: ARTS1811
• Professor: Carolien Van Ham

Document Summary

Gatt and development: who sets the rules of the international trade regime, wto sets the rules that govern trading relationships between countries. In addition to wto, lots of separate regional trade agreements (e. g nafta, eu) that extend beyond wto rules (ie. wto-plus agreements: bilateral trade agreements (e. g chafta) World trade organisation (wto) created to replace the gatt in 1995 grew out of many years of dissatisfaction with the gatt (from both developed and developing countries) Liberal idea of comparative adv is fundamentally flawed. However, believe in protecting infant industries who would not survive against competition under comparative advantage model tarriffs, quotas, subsidies, reverse engineer ideas of other countries. Japan, south korea, taiwan began to compete with the us in terms of trade exports. Us found this unfair us demanded a new set of trade rules that prevent countries from supporting their industries. Give us more access to sell its ideas and investment abroad.