CAS IR 292 Study Guide - Midterm Guide: Moral Hazard, Sovereign Default, W. M. Keck Observatory
16 Dec 2016
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Ir 292 exam 2 study guide: chapter 8, describe the different types of standards (harmonization, mutual recognition, and separate). Many governments try to set standards in industries such as environmental, labor, product, child labor standards, etc. They set these standards as options for the country who is seeking to expand commercial ties. Harmonization of standards is when product & process standards are the same; 2 or more countries share a common set of standards in an area of concern, such as product safety, labor, environment, fair competition, etc. Pros: in product design and performance, useful b/c leads to larger, more unified market & economic efficiency. Mutual recognition of standards is when countries keep their own product & process standards, but mutually accept the standards of others as equally valid & sufficient. Pros: generally better to use when countries vary in levels of development.
