POL 1102 Lecture Notes - Lecture 10: Comparative Advantage, Limited Government, Tarifa
29 Oct 2014
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Document Summary
Global trade & global finance: general remarks, implementing free trade, some controversies, global finance. $ investment production sale profit re-investment : motivation = money, private entrepreneuship, limited government role, the need to expand: from domestic market to global market. Comparative advantage : equilibrium of supply & demand, a win-win situation for all involved. Measuring wealth & progress: money-based economy means money-based measurements, most common measurement: gross domestic product (gdp & gdp per capita, measuring trade. 2014-10-20: stated in treaties" preamble (see north american free trade agreement) More environmental protection: more growth as measured by the gdp (canadian gdp 2013: . 7 trillion) Refers to treatment of a state"s trade partners. Equality of all parties & their producers & products (gatt 1947, i(1), nafta. The most favored sets the standard for the rest. Equality of domestic & foreign products (gatt 1947, art, iii) Equality of domestic & foreign investors (nafta.
