POL101Y1 Lecture Notes - Lecture 9: European Central Bank, Investor-State Dispute Settlement, Trans-Pacific Partnership
Document Summary
North american free trade agreement (nafta): singed on jan 1st, 1994, canada: increase in agricultural trade, exported billions of dollars" worth of agricultural goods, united states, and mexico. Trans pacific partnership: 12 countries (canada, u. s, mexico, australia, chile, japan, malaysia, singapore, brunei, New zealand, vietnam: the tpp: u. s and japan were the lead negotiators, sent out trade delegations, 40% of the world"s economy, canada should be a part of it, agreed, but not yet ratified anywhere, including u. s and canada. Isds clause allows the corporation to challenge the laws that are passed by democratic governments. International monetary fund (imf: european central bank, european commission, billion bailout, comes along with harsh conditions, tax increases. Austerity measures: cut civil service jobs, reduce wages, pensions, and benefits, cut funding for schools, universities, hospitals, cut defense spending. Effect on greece: economy has contributed every year for last 5 years, 25% unemployment rate, 44% of people are living below the poverty line.
