Lesson 2 Flashcards
(18 cards)
the removal or reduction of restrictions or barriers on the free exchange of goods and services between nations. These barriers include tariffs, such as duties and surcharge, and nontariff barriers, such as licensing rules and quotas.
Trade Liberalization
The dominant economic policy is heavily influenced by shifting it
from Protectionism to Trade Liberalization of free trade.
World War II
When did the United States helped found the General Agreement on Tariffs and Trade (GATT), whichquickly became the world’s most important multilateral trade arrangement
After World War II
who helped found the General Agreement on Tariffs and Trade (GATT), whichquickly became the world’s most important multilateral trade arrangement.
the United States
What is GATT?
General Agreement on Tariffs and Trade
The General Agreement on Tariffs and Trade (GATT) was set up to
-Eliminate protectionism.
-Get countries trading freely among themselves.
-Help restore economic prosperity following the devastation of World War II.
good effect of modern technology in the economy is
somehow a contributor in
reducing poverty
According to the him, mobile phone are the “single most transformative technology” when it comes to developing country.
Jeffrey Sachs
DISADVANTAGES OF TRADE LIBERALIZATION
-It can affect local businesses and their domestic products.
- The possible risk may be experienced if the products or raw materials coming from other countries have a lower environmental standard.
It can affect local businesses and their domestic products.
The possible risk may be experienced if the products or raw materials coming from other countries have a lower environmental standard.
It can exploit the natural resources due to the competition and shallow environmental policies in a country.
It can lead to structured unemployment whereby countries and companies who cannot compete with other may lose gain and have less profit that may result to layoff.
ADVANTAGES OF TRADE LIBERALIZATION
- promotes free-trade between and among countries, the cost of importing nations in bringing their goods to other countries is most likely to be lessen.
- promotes efficient use and allocation of world sources.
-increase Capital Flow.
-Allows developing countries accessed to heavily protected markets of the developed world, thus helping promote development.
- It encourages specialization among countries by maximizing their capabilities whether to manufacture foods or provide services.
-It can lead to higher efficiency of producers.
- It can attract foreign investments.
It describes the advancement of the global integration of the economy, culture and political structures
Economic Globalization
It refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies
Economic globalization
development that meets the needs of the present without compromising the ability of future generations to meet their own needs
sustainable development
The concept of sustainable development was described by
1987 Bruntland Commission Report
a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity
Sustainable Development Goals (SDGs),
were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity
Sustainable Development Goals (SDGs),
Sustainable Development Goals (SDGs) is also known as
Global Goals
