International Relations and Trade Study Sheet

International Relations & Trade

IGO Purposes

  • Promoting peace, development, or cooperation between countries.

Mercantilism/Protectionism

  • Protecting a country's economy by limiting imports and promoting exports.

UN Four Pillars

  • Peace and security, human rights, development, and international law.

Economic Liberalism/Free Trade

  • Open trade between countries with few or no restrictions.

UN General Assembly

  • Forum where all member countries discuss and vote on issues.

Absolute vs. Relative Wealth

  • Absolute wealth: total wealth of a country.
  • Relative wealth: wealth compared to other countries.

UN Security Council

  • Maintains peace and security; can authorize military action or sanctions.

Exports, Imports, and Balance of Trade

  • Exports: goods sold.
  • Imports: goods bought.
  • Trade surplus: exports > imports.
  • Trade deficit: imports < exports.

Permanent Membership/Veto Power on the Security Council

  • Five countries (US, UK, China, France, Russia) can block any decision.

China and US Trade Balance

  • Trade relationship, often with a U.S. trade deficit.

R2P (Responsibility to Protect)

  • The world should intervene if a country fails to protect its people from genocide or crimes.

Comparative Advantage/Increasing Returns to Scale

  • Comparative advantage: making what a country is best at with the least cost.
  • Increasing returns to scale: making more lowers the cost per unit.

Peacekeeping

  • Sending neutral soldiers to maintain peace.

Autarky

  • A country trying to be completely self-sufficient.

Initiating War (Jus ad Bellum) and Conduct in War (Jus in Bello)

  • Jus ad bellum: rules for when going to war is justified.
  • Jus in bello: rules for how war should be fought ethically.

NAFTA/USMCA and Regional Trade Agreements

  • Trade deals between nearby countries to reduce trade barriers.

Geneva Conventions

  • International laws about humane treatment during war.

Tariff, Subsidies, Quotas, Regulations

  • Tariff: tax on imports.
  • Subsidy: government help for local businesses.
  • Quota: limit on imports.
  • Regulation: rules for trade or production.

Human Rights

  • Basic rights and freedoms all people should have.

UN Declaration of Human Rights and International Bill of Rights

  • Documents stating what rights every human should have.

Trade Wars

  • Countries imposing tariffs or other barriers on each other’s goods.

Principle of Good Faith (Pacta Sunt Servanda)

  • Countries should keep their promises in treaties and agreements.

Cartel

  • A group of producers that work together to control prices and supply.

Sources of International Law

  • Treaties, customs, and court decisions.

Industrial Policy

  • Government supports to help certain industries grow.

International Criminal Court and World Court

  • ICC: tries people for war crimes.
  • World Court (ICJ): settles disputes between countries.

Centrally Planned Economy

  • Government controls what is made, how much, and for whom.