PO102 Lecture Notes - Lecture 17: General Agreement On Tariffs And Trade, Bretton Woods, New Hampshire
Document Summary
Yes: interdependence creates positive bonds: or does trades and interdependence make countries more dependent and vulnerable, philosophy, adam smith (liberal): favoured free trade. He was in favour of opening the border to goods: comparative advantage: each country is superior in the production in something (lowest cost) Because of quality of land, resources, labour force, climate etc. Governing trade guest lecture: moments in history when the reasons to support trade are more prominent o post wwii period. Allies met in bretton woods, new hampshire: moments in history where the reasons to oppose trade are more prominent, mercentalist period 1400s/1500s. Prime example germany did not take imports, fearing a harm to native industries: what restricts access to markets, tariffs a tax on imports. Makes foreign products more expensive: quotas quantitative restriction on imports, non-tariff barriers any measure that has the effect of a tax on imports. No hormone beef in europe trade governance mechanisms: (1) gatt series of treaty updates.
