International Trade and Norms

These flashcards cover key concepts related to international trade, exchange rates, and the role of norms and advocacy networks in global behavior.

Terms of trade

Prices paid by a country for imports and what it receives for exports.

Free-trade area

An area where countries agree to reduce or eliminate trade barriers among themselves.

Free ride

To benefit from the actions of others without contributing or making sacrifices.

Asian Infrastructure Investment Bank

A new intergovernmental organization project spearheaded by China.

Austerity measure

A policy that aims to reduce government deficits through spending cuts and increased taxes.

Exchange rate

The price of a national currency relative to other national currencies.

Strong exchange rate

A situation where a currency is valuable compared to others, making imports cheaper.

Tariff

A tax on imports levied at the border, paid by the importer.

Protectionism

The use of conscious measures to shield domestic producers from imports.

Trade liberalization

The removal or reduction of trade barriers to allow for a freer flow of goods between countries.

International norms

What countries believe to be appropriate for other countries to do.

Transnational advocacy networks (TANs)

Groups of individuals and NGOs from different countries that pursue norm change.

Naming and shaming

A tactic used to improve compliance with norms by publicizing violations.