F-Lec 3: G10 - General Agreement on Tariffs and Trade Capitalism and Socialism

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9 Terms

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Capitalism

An economic system where most businesses, industries, and resources are privately owned.

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Trade Capitalism

An early stage of capitalism that focuses on buying and selling goods for profit.

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16th - 18th

The period where Trade Capitalism has started.

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Socialism

An alternative to capitalism where it promotes collective or government ownership of key industries.

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Tariffs

These are taxes imposed to imported goods, making them expensive.

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General Agreement on Tariffs and Trade

Known as GATT, it is an international treaty established in 1947 to promote global trade through removing tariffs, quotas, and other trade barriers.

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1977

The year that GATT was created.

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World Trade Organization

Known as the WTO, it is an institution that replaced GATT.

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1995

The year that the World Trade Organization was replaced GATT.