Trade Liberalization and Global Governance

These flashcards cover key concepts from the lecture on trade liberalization and global governance, focusing on trade agreements, the role of markets, and global environmental issues.

What is trade liberalization?

The process of removing barriers to trade between countries.

What does the 'invisible hand' of the market refer to?

The self-regulating nature of the marketplace that sets prices based on supply and demand.

Define laissez-faire approach.

An economic philosophy of letting the market operate without government intervention.

What is the Doha Development Round?

The latest round of trade negotiations launched in 2001 with the aim of reforming the international trading system.

What is the difference between bilateral, multilateral, and unilateral trade agreements?

Bilateral agreements are between two countries, multilateral agreements involve multiple countries, and unilateral agreements are made by one country independently.

What are some issues associated with attempts at global governance?

Deepening economic globalization, increasing migration, and trade and capital flows make states more susceptible to policies adopted by others.

What are global commons?

Resources that do not fall under the jurisdiction of any one nation, such as the high seas and the atmosphere.

Give an example of a global commons issue.

Climate change, as it affects the entire planet and is not confined to one country's policies.