MGCR 382 Lecture 10: IB chapter 10
3 Apr 2016
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The general agreement on tariffs and trade and the world trade organization. Without discrimination: members should not discriminate between their trading partners no discriminate between their own foreign products, services, or nationals. Predictable: members agree not to arbitrarily raise trade barriers against companies, investors, and governments. More competitive: the wto discourages unfair practices such as export subsidies and dumping products below cost to gain market share. Beneficial for less developed countries: the wto gives less developed nations more time to adjust, greater flexibility, and special privileges. Agreement on trade related aspects of intellectual property rights. Political union: by encompassing both political and economic integration, the union effectively transforms itself into one country. Economic union: common market policy + members more fully integrate their economies by coordinating their economic policies. Common market: customs union policy + members also eliminate barriers that restrict movement of factors of production among themselves.
