International Political Economy Mingst (Wednesay)

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8 Terms

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comparative advantage (maximize gains)

states make what they can specialize in and trade the rest. States differ in production because of natural resources, labor force, and land values,

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Heckscherolin Theory

countries will export goods that use the most intensive endowments of the state, states will use factors of production that are scarce

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Components of the state level of analysis in international trade

-states do not just trade for comp. advantage but to optimize economic growth

-focus on domestic levels

  • employment

  • competiveness

  • labor and environment

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GATT to World Trade Org

GATT become World Trade Org in 1995, WTO has political prominence that GATT lacks and expansive jurisdiction

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What is the WTO tasked with?

  • forum for trade negotiations

  • venue for trade revenue

  • dispute settlement

  • enforcement

  • Uruguay round

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Dispute Settlement Body

authoritative panel to hear dispute

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Examples of Regionalization

European Monetary Union, North American and Free Trade Agreement

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International trade

  • bilateral and multilateral agreements

  • fuels economic growth

  • states can maximize gains