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Chances and Risks of Free Trade Policies

Chances and Risks of Free Trade Policies
Author: Philipp Rothe
Publisher: GRIN Verlag
Total Pages: 4
Release: 2020-08-13
Genre: Business & Economics
ISBN: 3346224821

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Academic Paper from the year 2020 in the subject Economics - Foreign Trade Theory, Trade Policy, , language: English, abstract: This paper examines the definition, history and status of free trade in the world today. In history a lot of countries acted in accordance with protectionist trade policies which means they had a lot of barriers, tariffs, and limits towards the trade with other countries. The aim was to protect their own economy. However, in today's world there is much more free trade which means "the buying and selling of goods, without limits on the amount of goods that one country can sell to another and without special taxes on the goods bought from a foreign country". The theory of free trade was first invented in 1776 by Adam Smith. And although it goes back to colonial times, free trade remained a theory for centuries. Ever since Adam Smith's concept of free trade, merchants tried to remove trade barriers between countries again and again. But especially during the industrialization period the countries used trade barriers to boost their economy. As late as after the second world war, the US for example started to lower import tariffs. The idea of lowering tariffs is that more trade takes place, countries can specialize economically in what they do best and afterwards exchange these products for goods that they don't produce most efficiently or that they don't have easily available. That in turn means the people are freer to choose their position in the economy, the worlds resources are used more efficient and the wealth of nations is growing. In a nutshell it means a country can compete in the global market by specializing to its fundamental economic strengths and by doing this increase economic growth. Some international institutions such as the World Bank, International Monetary Fund, and the World Trade Organization (WTO) were founded to promote free trade in place of protectionism and so helped to build the world how it is today in terms of trading.


Free Trade

Free Trade
Author: L. Ian MacDonald
Publisher: McGill-Queen's Press - MQUP
Total Pages: 310
Release: 2000
Genre: Business & Economics
ISBN: 0773521143

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Few public policy issues have stirred political passions on both sides of the Canada/US border as free trade did in the late 1980s. Negotiated between Canada and the United States in 1987, the Free Trade Agreement became the dominant issue in the November 1988 Canadian federal election, perhaps the most dramatic and divisive campaign in the second half of the twentieth century. Ten years after implementation of the agreement, the McGill Institute for the Study of Canada organized a major conference to renew the discussion of free trade and consider its economic impact. It also marked the fifth anniversary of the North American Free Trade Agreement by expanding the discussion to include the impact of NAFTA on Mexico, as well as the NAFTA side agreement on the environment.


Termites in the Trading System

Termites in the Trading System
Author: Jagdish Bhagwati
Publisher: Oxford University Press
Total Pages: 160
Release: 2008-07-14
Genre: Business & Economics
ISBN: 0199715904

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Jagdish Bhagwati, the internationally renowned economist who uniquely combines a reputation as the leading scholar of international trade with a substantial presence in public policy on the important issues of the day, shines here a critical light on Preferential Trade Agreements, revealing how the rapid spread of PTAs endangers the world trading system. Numbering by now well over 300, and rapidly increasing, these preferential trade agreements, many taking the form of Free Trade Agreements, have re-created the unhappy situation of the 1930s, when world trade was undermined by discriminatory practices. Whereas this was the result of protectionism in those days, ironically it is a result of misdirected pursuit of free trade via PTAs today. The world trading system is at risk again, the author argues, and the danger is palpable. Writing with his customary wit, panache and elegance, Bhagwati documents the growth of these PTAs, the reasons for their proliferation, and their deplorable consequences which include the near-destruction of the non-discrimination which was at the heart of the postwar trade architecture and its replacement by what he has called the spaghetti bowl of a maze of preferences. Bhagwati also documents how PTAs have undermined the prospects for multilateral freeing of trade, serving as stumbling blocks, instead of building blocks, for the objective of reaching multilateral free trade. In short, Bhagwati cogently demonstrates why PTAs are Termites in the Trading System.


Negotiating Free-trade Agreements

Negotiating Free-trade Agreements
Author: Walter Goode
Publisher:
Total Pages: 208
Release: 2009
Genre: Australia
ISBN: 9781921244957

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Methodology for Impact Assessment of Free Trade Agreements

Methodology for Impact Assessment of Free Trade Agreements
Author: Michael G. Plummer
Publisher: Asian Development Bank
Total Pages: 194
Release: 2011-02-01
Genre: Political Science
ISBN: 9290921978

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This publication displays the menu for choice of available methods to evaluate the impact of Free Trade Agreements (FTAs). It caters mainly to policy makers from developing countries and aims to equip them with some economic knowledge and techniques that will enable them to conduct their own economic evaluation studies on existing or future FTAs, or to critically re-examine the results of impact assessment studies conducted by others, at the very least.


The World Trading System at Risk

The World Trading System at Risk
Author: Jagdish N. Bhagwati
Publisher: Princeton University Press
Total Pages: 165
Release: 2014-07-14
Genre: Business & Economics
ISBN: 1400861594

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Jagdish Bhagwati, one of the world's leading economists, offers a fascinating overview of the perils and promise facing the world trading system. That system is now being subjected to powerful centrifugal forces. Concerns with unfair trade are rampant, managed trade is increasingly popular, and regionalism is spreading. The United States, the traditional bulwark of multilateralism, has recently resorted to aggressive, unilateral tactics in trade policy. To a consideration of these developments, Bhagwati brings a unique blend of economic theory, historical scholarship, and familiarity with the institutions of world trade. Bhagwati refutes facile but fashionable criticisms of the General Agreement on Tariffs and Trade (GATT). Warning of the dangers of flouting the GATT's provisions, he shows that its underlying conception of trading by rules will be undermined if we extend accusations of "unfair trade" practices to areas as diverse as retail distribution systems, infrastructure spending, saving rates, and workers' rights. He challenges the economic and cultural stereotypes of Japan that fuel the sentiments supporting managed trade and aggressive unilateralism. In addition, he provides novel suggestions for rebuilding the GATT and with it the world trading system itself--suggestions that should prove useful at the Uruguay Round and beyond. Originally published in 1991. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.


Incorporating Science, Economics, and Sociology in Developing Sanitary and Phytosanitary Standards in International Trade

Incorporating Science, Economics, and Sociology in Developing Sanitary and Phytosanitary Standards in International Trade
Author: National Research Council
Publisher: National Academies Press
Total Pages: 289
Release: 2000-05-31
Genre: Medical
ISBN: 0309183529

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The rapid expansion of international trade has brought to the fore issues of conflicting national regulations in the area of plant, animal, and human health. These problems include the concern that regulations designed to protect health can also be used for protection of domestic producers against international competition. At a time when progressive tariff reform has opened up markets and facilitated trade, in part responding to consumer demands for access to a wide choice of products and services at reasonable prices, closer scrutiny of regulatory measures has become increasingly important. At the same time, there are clear differences among countries and cultures as to the types of risk citizens are willing to accept. The activities of this conference were based on the premise that risk analyses (i.e., risk assessment, management, and communication) are not exclusively the domain of the biological and natural sciences; the social sciences play a prominent role in describing how people in different contexts perceive and respond to risks. Any effort to manage sanitary and phytosanitary (SPS) issues in international trade must integrate all the sciences to develop practices for risk assessment, management, and communication that recognize international diversity in culture, experience, and institutions. Uniform international standards can help, but no such norms are likely to be acceptable to all countries. Political and administrative structures also differ, causing differences in approaches and outcomes even when basic aims are compatible. Clearly there is considerable room for confusion and mistrust. The issue is how to balance the individual regulatory needs and approaches of countries with the goal of promoting freer trade. This issue arises not only for SPS standards but also in regard to regulations that affect other areas such as environmental quality, working conditions, and the exercise of intellectual property rights. This conference focused on these issues in the specific area of SPS measures. This area includes provisions to protect plant and animal health and life and, more generally, the environment, and regulations that protect humans from foodborne risks. The Society for Risk Analysis defines a risk as the potential for realization of unwanted, adverse consequences to human life, health, property, or the environment; estimation of risk is usually based on the expected value of the conditional probability of the event occurring times the consequence of the event given that it has occurred. The task of this conference and of this report was to elucidate the place of science, culture, politics, and economics in the design and implementation of SPS measures and in their international management. The goal was to explore the critical roles and the limitations of the biological and natural sciences and the social sciences, such as economics, sociology, anthropology, philosophy, and political science in the management of SPS issues and in judging whether particular SPS measures create unacceptable barriers to international trade. The conference's objective also was to consider the elements that would compose a multidisciplinary analytical framework for SPS decision making and needs for future research.


Navigating the Free Trade–Fair Trade Fault-Lines

Navigating the Free Trade–Fair Trade Fault-Lines
Author: Michael J. Trebilcock
Publisher: Edward Elgar Publishing
Total Pages: 160
Release: 2021-03-26
Genre: Law
ISBN: 180088236X

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Is Free Trade desirable? Does it primarily benefit the wealthy? And what are its impacts on individual autonomy and human dignity? These are some of the fundamental questions that acclaimed trade law expert, Michael Trebilcock, sets out to answer in this pithy and insightful journey through the past, present and future of international trade agreements and trade policy.


U.S. Free Trade Agreements

U.S. Free Trade Agreements
Author: Defense Department
Publisher: Commerce Department
Total Pages: 0
Release: 2013-04-30
Genre: Business planning
ISBN: 9780160918278

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NOTE: NO FURTHER DISCOUNT FOR THIS PRINT PRODUCT-- OVERSTOCK SALE -- Significantly reduced lsit price Less than one percent of all U.S. businesses export and of those that do, 56 percent sell to only one market. These same business owners tell researchers that the reason for not exporting is that they are not confident choosing the best markets for their products and services and that they are wary of risk. Free Trade Agreements: 20 Ways to Grow Your Business takes the mystery out of exporting by analyzing opportunities in country markets where the U.S. government has negotiated preferential access for U.S. companies. The book provides detailed information on best prospects, insights on the economic and political situation, tips on business culture, free and low-cost assistance for entering each market. The book also describes how dramatically trade has grown as a result of the free trade agreements. Also included are case studies of smaller U.S. companies who have succeeded by targeting this group of countries which includes Canada and Mexico. Furthermore, new agreement partners including Peru, South Korea, and Colombia are explored. Written in plain language and illustrated with graphs and tables, this resource is the long-awaited handbook for entering and succeeding in new markets. Related products: Exporting & Foreign Trade resources collection can be found here: https: //bookstore.gpo.gov/catalog/business-finance/exporting-foreign-trade Harmonized Tariff Schedules of the United States Annotated for Statistical Reporting Purposes 30th Edition 2018 is available here: https: //bookstore.gpo.gov/products/harmonized-tariff-schedules-annotated-statistical-reportingpurposed-30th-edition-2018


New Frontiers in Free Trade

New Frontiers in Free Trade
Author: Razeen Sally
Publisher: Cato Institute
Total Pages: 169
Release: 2008
Genre: Business & Economics
ISBN: 1933995211

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"Razeen Sally argues that international trade policy has lost its way. Trade policy has become disconnected from 21st century business and consumer realities. The World Trade Organization and free trade agreements have outdated negotiating models and yield diminishing returns." "Sally makes a case for the benefits of free trade and provides a penetrating analysis of the dangers confronting the world trading system."--BOOK JACKET.