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Politics of International Economic Relations.pdf

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Political Science
POLI 244
Stephen Saideman

Issues Trade Goods and services, exports and imports Tariffs Taxes on imports Intended to improve competitiveness of domestic industry Funded most governmental projects/institutions Non-tariff barriers Regulations that limit imports through other means Exchange rates The rate at which one currency is exchanged for another Cheaper your currency is, the more people buy your stuff Foreign direct investment When a company buys land, builds offices and factories, invests in another country's businesses Governments must manage to have markets opened enough for other countries to trade with it, but also closed enough to not be exploited Bretton Woods Exchange rate regime Instability Competitive devaluation Fixed rates then managed The US dollar was tied to gold and everyone else's currency was tied to the US's Put too much responsibilities on the US International monetary fund - IMF Manage situations in which countries ran out of foreign exchange Provided short-term loans to countries so that country could keep trading Free trade regime International trade organization GATT General agreements on Tariffs and Trade Created a set of rules to facilitate trades Made it easier for countries to foster employment and make things happen GATT to WTO World Trade Organization Grand deal to expand GATT To monitor compliance Punishments is still by States, but sanctioned by WTO But how do you punish the bigger players (China, USA...) GATT was to be temporary Developing countries wanted 2 things Free trade with agriculture Free trade with textiles WTO gave more power to intl institutions E
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