Chapter Eight Powerpoint Presentation

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<ul><li> 1. Chapter 8 Learning Objectives <ul><li>After studying this chapter, you should be able to: </li></ul></li></ul> <ul><li>make the case for global economic integration </li></ul> <ul><li>understand the evolution of the GATT and the WTO, including current challenges </li></ul> <ul><li>describe the advantages and disadvantages of regional economic integration </li></ul> <ul><li>understand regional economic integration efforts in Europe, the Americas, Asia Pacific, and Africa </li></ul> <ul><li>participate in two debates on global and regional economic integration </li></ul> <ul><li>draw implications for action </li></ul> <p> 2. GLOBAL ECONOMIC INTEGRATION </p> <ul><li>Regional economic integration-efforts to reduce trade and investment barriers within one region </li></ul> <ul><li>Global economic integration-efforts to reduce trade and investment barriers around the globe </li></ul> <ul><li>benefits- global economic integration raises incomes, generates jobs, and stimulates economic growth </li></ul> <ul><li>flaws-environmental impact and unequal distribution of the fruits from more trade and investment among the haves and have-nots in the world </li></ul> <p> 3. 4. General Agreement on Tariffs and Trade (GATT) </p> <ul><li>Bretton Woods Conference introduced the idea for an organization to regulate trade as part of a larger plan for economic recovery after World War II </li></ul> <ul><li>GATT's main objective was reduction of barriers to international trade through reduction of tariff barriers, quantitative restrictions and subsidies on trade through a series of agreements.</li></ul> <ul><li>GATT was a treaty, not an organization </li></ul> <ul><li>The functions of the GATT were taken over by the World Trade Organization (WTO) which was established during the final round of negotiations in the early 1990s </li></ul> <p> 5. 6. 7. North American Free Trade Agreement (NAFTA) </p> <ul><li>free trade agreement between Canada, Mexico, and the United States </li></ul> <ul><li>tariffs on half of the exports and imports among members removed immediately </li></ul> <ul><li>remaining tariffs phased out by 2010 </li></ul> <p> 8. Building Blocks or Stumbling Blocks </p> <ul><li>In the absence of global economic integration, regional economic integration is often regarded as the next best thing to facilitate free tradeat least within a region. </li></ul> <ul><li>However, another school of thought argues that regional integration has becomea stumbling block for global integration. </li></ul> <p> 9. </p>


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