IGS 10a Chapter Notes - Chapter ER: Dispute Settlement Body, Appellate Body, Multilateral Trade Negotiations
5 Sep 2016
School
Department
Course
Professor
Document Summary
Trade is good; economic theory suggests that all countries would maximize their economic well-being by unilaterally opening up their borders to free trade. However, domestic political considerations, prevent government from unilaterally lowering import barriers. Yet governments in the end tend to negotiate agreement moving toward freer trade. Trade relations since wwii suggest economics of free trade have forged a more open trading system. Prior trade agreements applied concepts of reciprocal trade concessions instead of unilateral trade, tariffs and commitments to prevent backsliding. Device inspired by economic but based on constraints of politics. Created wwi and wwii and destroyed trade system closed borders, created suspicion, and deteriorated global and domestic economic situations. End of wwii (1944) allied powers met in bretton woods, nh. Established international bank for reconstruction and development (world. Bank), the international monetary fund (imf), and the general agreement on. Gatt (1947) - provisional arrangement of international trade organization (ito) Ito never ratified due to political opposition in us.
