GVPT 200 Lecture Notes - Lecture 15: Stock Market Crash, Autarky, World Trade Organization
7 Dec 2015
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Who in the us is typically against freer trade: big business, consumers, majority of politicians, organized labor, environmentalists, right-wingers (left-wingers) Tariffs agreements: def: a tax on goods imported from another country, tariffs make foreign goods more expensive than domestic, historically, tariffs are a major source of government goods revenue. A historical period of globalization 1870-1914 trade and interdependence industrial goods. Back toward autarky 1919-1939: collapse of the world economy. Stock market crash in 1929: reduced economic cooperation during great depression, increased tariffs. Smoot-hawley tariff in us (55% average tariff) The postwar trade regime, 1947-1995: the failure of the international trade organization (ito, the establishment of the general agreement on tariffs and, the two principles of gatt. Nondiscrimination: multilateral trade talks under the gatt. Major rounds of gatt (wto) talks: geneva, 1947 (23 members, dillon, 1960-61 (26, kennedy, 1964-1967 (62, tokyo, 1973-1979 (102, uruguay, 1986-1994 (123)
