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2J03 - jan 25 & 26, 2012.docx

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McMaster University
Political Science
O' Briem

Global Political Economy 2J03 January 25 2012January 26 2012 1 Trade The BasicsQuiz Feb 9thMultiple choice 20 questionsOn the book pays attention to grey boxesMethodological methods and 4 theorists Will take less than a half an hour if you know the answersALL ON THE BOOK Chapters 17 Lecture OutlineDefinition o Trade o Barriers to TradePerspectives o Liberal Economic Nationalism CriticalDevelopments o Growth and Protectionism o Changing institutional structure Key Issues DefinitionsTrade the exchange of one commodity for anothero Car for moneyo Barter exchanging for other commodities Usually between poor countriesEx Cuba and Venezuela Cuba sends doctors and Venezuela sends gas Barriers to trade o Tariffs its just a tax on a good Ex Bangladesh exports tshirt to Canada and they have to pay tariff to get into countryUse to heavily rely on tariffs to fund government Want to protect domestic market and producers Most of post war WW2 most trade activity and negotiations have been aimed at reducing tariffs between countries 1940s1990s o Quotas quantitative restriction on the import of a product 1980sJapanese motorcycles Usually done by company Way to protect domestic market Why they are accepted because they are usually temporary measures Hope if you restricted exports for a certain amount of time later you we will be able to export freely
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