84527
Description
Mind Map by Maeve O'Neill, updated more than 1 year ago
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Created by Maeve O'Neill
almost 11 years ago
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free trade
- for free trade
- trade creates peace
- countries that trade
are less likely to go
to war
- countries that trade
are less likely to go
to war
- mutual benefits
- comparative advantage
- exporting
our products
creates jobs
in that
industry
- importing goods from
foreign countries creates
diversity in products and
cheaper products for the
consumer and creates
jobs in the selling markets
- comparative advantage
- trade creates peace
- against free trade
- merchantilism
- gold trade
- gold trade
- taking jobs from
home workers and
shipping them
overseas
- cheaper products coming into
country causing domestic
industry to fail
- cheaper products coming into
country causing domestic
industry to fail
- merchantilism
- Barriers to trade
- tarrifs
- government gains
financially
- restricts imports
which creates
domestic jobs
- government gains
financially
- Quotas
- same as tarrifs also
but more restricting -
depends on the
Quota
- can cause a
market
shortage
- can cause a
market
shortage
- same as tarrifs also
but more restricting -
depends on the
Quota
- reducing trade bariers
makes goods cheaper for
consumers and imports
cheaper for businesses
- tarrifs
- Free Trade Agreements make it
easier & cheaper to export goods
and services while creating jobs and
boosting the economy
- overall economic
welfare is a gain
- FTA's encourage
investments which is
an important part of
Econ. Integ.
- WTO - one
country gains
from FTA - all
countries in
WTO gain
- WTO deals
with the global
rules of trade
between
nations to make
sure trade flows
smooth and as
free as possible
- doha round - set up to
deal with deficiencies that
existed in the WTO's
already existing
agreements
- it is 10 yrs old
and difficult to
work with
- it has becaome in
favour of industrial
contries which rather
than dealing with the
deficiencies in the
system have added
more
- competition policy, Gov.
procurement and
investment
- competition policy, Gov.
procurement and
investment
- it has becaome in
favour of industrial
contries which rather
than dealing with the
deficiencies in the
system have added
more
- may be
demolished -
Geneva are
discussing a new
smaller round
- to look at
different agri
agrangements
- US & EU would
come together and
create a package
on how to deal with
their subsidies with
a view to lowering
them over a period
of time
- also to look at
market excess
issues for
products from
the global
south to enter
the markets of
the EU & US
- US & EU would
come together and
create a package
on how to deal with
their subsidies with
a view to lowering
them over a period
of time
- it is 10 yrs old
and difficult to
work with
- doha round - set up to
deal with deficiencies that
existed in the WTO's
already existing
agreements
- WTO deals
with the global
rules of trade
between
nations to make
sure trade flows
smooth and as
free as possible
- overall economic
welfare is a gain
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