GEOG 216 Lecture Notes - Lecture 31: Customs Union, Free-Trade Area, Mercosur
6 Dec 2017
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Document Summary
19th century - wwi: trade to gdp ratio (indicator of internationalization) quite high (height of british and other colonial empires) Prior to wwii, most trade agreements were bilateral. Nation-states move back towards protectionist policies to jumpstart recovery of us economy. Smoot-hawley tariff act (1930): tariffs raised on over 20,000 imported goods coming in to us daily. Trade war with retaliating trading partners worsens the great. Us and uk meet at bretton woods to reshape postwar structure of world trade and international finance. Bw sets institutional basis of postwar global era. Rebuild war-damaged economies (parts of europe and japan) International bank for reconstruction and development (now known as the world bank) International monetary fund: in charge of regulating financial flows across national borders. Comes out of failure of international trade organization. Reduce trade barriers through multilateral negotiations (working by consensus) (working by consensus)
