[GS101] - Midterm Exam Guide - Ultimate 43 pages long Study Guide!
Document Summary
Agree(cid:373)e(cid:374)t o(cid:374) the (cid:862)su(cid:271)sta(cid:374)tial redu(cid:272)tio(cid:374) of tariffs a(cid:374)d other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous (cid:271)asis(cid:863) Imposes condition that requires significant restructuring of a (cid:272)ou(cid:374)tr(cid:455)"s e(cid:272)o(cid:374)o(cid:373)(cid:455) a(cid:374)d/or so(cid:272)ial s(cid:455)ste(cid:373) (cid:862)mo(cid:448)e(cid:373)e(cid:374)t of goods a(cid:272)ross (cid:374)atio(cid:374)al (cid:271)orders i(cid:374) e(cid:454)(cid:272)ha(cid:374)ge for (cid:373)o(cid:374)e(cid:455) (cid:894)ore(cid:374)d(cid:895) Why trade: to import goods a(cid:374)d ser(cid:448)i(cid:272)es that a (cid:272)ou(cid:374)tr(cid:455) (cid:272)a(cid:374)"t produ(cid:272)e, to export to other countries to expand ones market. National control of fiscal (taxation) and monetary (e. g. interest rates) policies. High taxation on wealthy individuals and profitable corporations. Late-1970s, early-1980s election of many governments in (cid:862)first world(cid:863) countries on neo-liberal platforms: margaret thatcher, uk, 1979-1990, ronald reagan, usa, 1981-1989, brian mulroney, canada, 1984-1993. Neo-liberalism: an ideology based on ideas of classical liberal economists on (cid:862)laissez- faire(cid:863) capitalism: adam smith (1723-1790, david ricardo (1772-1823) Margaret thatcher: (cid:862) o(cid:272)iet(cid:455) does not e(cid:454)ist(cid:863); there are only individuals and each is responsible for himself.
