POL S101 Lecture Notes - Lecture 10: Comparative Advantage, North American Free Trade Agreement, General Agreement On Tariffs And Trade
21 Mar 2018
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It also shifts from states to non-state actors and markets. (nye: ex: global economic crisis in 2000 triggered by the collapse of global economy/banks. Explains why it is mutually beneficial for two countries to trade. A country has a comparative advantage if its opportunity cost of producing the good is lower than another country. However, some powerful lo(cid:271)(cid:271)yists i(cid:374) washi(cid:374)gto(cid:374) do(cid:374)"t (cid:449)a(cid:374)t la(cid:271)elli(cid:374)g (cid:894)co(cid:272)acola et(cid:272). (cid:895). The postwar international economic order: bretton woods system: 1944 agreement to stabilize exchange rates. Currencies pegged to gold (gold standard) and us dollar used as a reserve currency. Trying to combat instability and protectionism especially during the interwar period, and restart economic growth: key institutions: international monetary fund (imf), the international bank for. Reconstruction and development (ibrd) and the general agreement on tariffs and. Trade (gatt) which is succeeded by the world trade organization (wto: critiqued by countries because it forced the borrower to adopt a certain economic model.
