POLI 244 Study Guide - On The Other Hand, Absolute Advantage, Factor Endowment
30 Nov 2012
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Document Summary
John maynard keynes has said that protectionism rests on the principle of making things relatively scarce . the community as a whole cannot hope to gain by making artificially scarce what the country wants. Trade barriers have changed dramatically over time: both globally and in individual countries, trade has gone from generally unhindered to tightly regulated over relatively short periods. Because trade policy stands at the intersection of international and domestic politics, it involves powerful interests, important interactions, and influential institutions at both the domestic and international levels. Domestically, trade interests interact in a battle over national policy, with supporters and opponents of freer trade squaring off according to their own economic interests. legislatures, executives, and bureaucracies. The most prominent trade institutions have been two international organizations that have governed world trade for sixty years: Interactions are mediated through the national political institutions of trade policy-making: parties: general agreement on trade and tariffs (gatts, the world trade organization (wto)
