POLS 3790 Lecture 11: Lecture 11 - POLS
13 Feb 2017
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Document Summary
What is embedded liberalism: compromise: need an increasingly liberal trade regime. Neoliberalism: let the market do what it wants. Ricardo: benefits that can be had from international trade. The evolution of the global trade regime: international trade organization. Needed to be a multi-lateral organization to prevent countries from taking loans. Objectives of embedded liberalism - it contained many escape clauses to ensure that trade liberalization did not undermine the commitments governments had made to pursue full employment. Balance liberalization with infant industry protection and economic development. Never signed, never existed: general agreement on trade and tariffs (1947) Made sure countries pursued progressive trade liberalization. Article 1 - most favoured nation status (non-discrimination rule) Reduce tariffs due to a certain good being very enjoyed by one nation, if they do this, they have to extend this reduction in tariffs to all countries. Article 3 - national treatment principle hey.
