Texas State / Spring '10 / POSI Intl Economic Relations / Mihalkinin
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| PLAZA AGREEMENT - WHY | The U.S. trade deficit reached crisis proportions politically and economically. Protectionist pressures from the trade deficit increased, forcing the U.S. to cooperate with other countries in a joint effort to manage exchange rates.
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| PLAZA AGREEMENT - WHO | Group of Five – Finance ministers and central bankers from the U.S. Japan, United Kingdom, West Germany, and France
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| PLAZA AGREEMENT - WHAT | The U.S. pledged to narrow its budget deficit by reducing spending All countries promised to coordinate exchange rates by reducing interest rates.
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| PLAZA AGREEMENT - WHEN | Sep. 22, 1985
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| PLAZA AGREEMENT - RESULT (5) | New era monetary Management. Finance ministers MET reg to coordinate exch rate intervention/attempt COORDINATION eco policy. '85-'87 $ VALUE declined. U.S. national debt REDUCED 1/3. 1988 exchange rates stable. ACTIVE entry JAP world MANAGEMT SYST.
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| PLAZA AGREEMENT - CONSEQUENCE | 1970&80s – U.S. had huge trade deficits with Japan
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| NEW ECONOMIC POLICY - WHO | Nixon
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| NEW ECONOMIC POLICY - WHAT | 1.Abolished exchange of gold for dollars 2. N. imposed 10% tariff on imports 3.Established wage and price controls 4. 12/1971 US government devalued dollar by 10% - ouch for Euro dollars. Feb. 1973 was the second devaluation of the dollar.
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| NEW ECONOMIC POLICY - WHEN | 1971
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| NEW ECONOMIC POLICY - WHY (3) | Trade deficit. Gold reserves were at 10 billion by 1971. Euro-dollars were at 8 billion.
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| NEW ECONOMIC POLICY - RESULT | Countries’ currencies began to float
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| HAVANA CHARTER - WHO |
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| HAVANA CHARTER - WHAT | INT TRADE RULES– tariffs/preferences/quantitative restrictions/subsidies/state trading/ international commodity agreements. ITO CHARTER FOR TRADE OVERSIGHT, Special trade provisions for ECO DEV. IN LDCs. EU CONTINUATION OF PREFERENTIAL TRADE
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| HAVANA CHARTER - WHEN/WHERE | 1947/Bretton Woods trade conference
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| HAVANA CHARTER - WHY | First attempt to build a global legal regime for international trade and a product of strong U.S. leadership
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| HAVANA CHARTER - RESULTS (4) | EBODIED EVERYONE’S WISHES, SATISFIED NO ONE. NEVER OPERATIONAL, B/C U.S. DOMESTIC POLICIES. Protectionist – “went too far” Free trade advocates – “not far enough” Truman – “would fail” CHARTER DEAD, POST U.S. WITHDRAWAL.
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| COMMON AGRICULTURE POLICY | EU ACTION AGAINST FREE TRADE (+1) Blocked imports into the community and artificially stimulated competition in other markets by establishing high agriculture prices.
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| PREFERENTIAL TARIFFS | EU ACTION AGAINST FREE TRADE (+1) Outlawed in the GATT rules of nondiscrimination- Lowered the level of manufactured goods from developing countries
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| EU ACTIONS AGAINST FREE TRADE - RESULT | Increased the size of agricultural protectionist regime and existing preferential systemBecame a force of the extension of U.S. preferences. Many European countries did not link to the EU because of this
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| TOKYO ROUND - WHAT | Response to the changed international trading system and to start the process of trade reform
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| TOKYO ROUND - WHEN | 1973-79
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| TOKYO ROIUND - ACTIONS (6) | Reduced MANUFACTURED GOODS TARIFFS, EST some non-tariff barrier CODE, Changed LDC GATT rules,EST subsidies/countervailing duty Tariffs,subsidies = NONtariff barriers, UILATERAL IMPOSITION OF countervailing duties when a subsidy led to material injurY
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| RECIPRICAL TRADE POLICY EXAMPLE | MIDWAY BTWN Free trade/protectionism. Established DUMPING CODE (When a company sells a good below market price), Code on government procurement policies, NEW public government contracts BIDDING RULE FOR = TREATMENT, product standards /customs rules CODE
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| DOHA ROUND - WHY | Large potential benefits to the world economy from liberalizing trade in agriculture
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| DOHA ROUND - WHAT | Countries agreed they needed to take more into considerationFirst round between GATT and WTO that failed (no agreements) because developing and developed countries disagreed
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| DOHA ROUND - WHEN | 2000-2007
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| DOHA ROUND - RESULT | Increase in bilateral and regional trade agreements
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| COMECON - WHEN/WHY | 1949 - The Soviet Unions and states of Eastern Europe (except Yugoslavia) created this in response to the Marshall Plan
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| COMECON - WHAT (2) | - Pursued technical cooperation and joint planning- Main function was to reorient trade eastward and to buttress the new political relationship between the Soviet Union and Eastern Europe
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| COMECON - RESULT | Eastern European trade was redirected from the West to the East.
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| MARRAKESH TREATY (5)WHEN/WHAT | 1994 EsT WTO- old GATT FUNCTIONS /new procedures incl. a binding dispute settlement Provided further tariff CUTS. Rreduced AG subsidies. EliminATED textile /apparel quotas New trade rules for services, intellectual properties, and trade-related investment
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| WTO (5) WHEN/WHAT |
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| WITTE SYSTEM - WHO (COUNTRY&PERSON) | Russia/ Sergei Witte, minister of finance
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| WITTE SYSTEM - WHAT (5) |
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| WITTE SYSTEM - WHEN | 1980s
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| WITTE SYSTEM - WHY | To keep power
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| WITTE SYSTEM - CONSEQUENCES (8) | Railroad construction doubled, Coal output tripled, Pig iron production quadrupled, Textiles = single largest industry, FAMINE persisted. urban working class CREATED, Massive strikes , Increase IN opposition of elite, peasant commune MIR DISSOLVES.
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| PERESTROIKA - WHAT | Gorbachev’s reform to restructure the soviet economy
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| PERESTROIKA - HOW (4) |
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| CAPITAL INVESTMENT - DIDN'T WORK, WHY? (3) | - Loans, Volitivity of private capital, Prices for developing countries exports declined
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| CAPITAL INVESTMENT - THOUGH NECESSARY, WHY? (3) | Developing countries don’t generate sufficient domestic capital for economic growth, FOREIGN CAPITAL NEED, Create a favorable business climate VIA privatization & LTD GOV spending
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| IMPORT SUBSTITUTION - WHAT | Establishing high tariffs (protective) to protect new industry from foreign competition, To protect market & overtime the quality of the manufactured good will increase, so later one will reduce tariffs incrementally
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| IMPORT SUBSTITUTION - HOW (2) | Initial quality of domestic manufactured goods was not as high as foreign manufactured goods. Already existing domestic market for foreign goods
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| COMMON MARKET - WHAT | Economic Development Strategy. Goods need to be complementary, not competitive.
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| COMMON MARKET - HOW (3) | - Increases market size & demand- Decreases cost per unit- Decreases prices, increasing demand.
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| COMMON MARKET - PROBLEMS (3) | - Goods were not complementary- Low level of manufacturing- Unequal benefits from the common market
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| EXPORT LED INDUSTRIALIZATION - INDUSTRIAL POLICY [+1?] | Intervening government in domestic economy to promote specific patterns of industrial government. The government will desire subsidies and tax preferences, government procurement policies, local content laws, & restrictions on technology transfers.
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| EXPORT LED INDUSTRIALIZATION - STRATEGIC TRADE POLICY (6) [+1?] | [Intervention by gov to create comparative advantage in trade] Support for research and development (RND), Support high savings rate, AID to science/engineering/math EDUCATION, Export subsidies, Tax laws, Hinder foreign firms to access domestic market
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