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International Economics - Coggle Diagram
International Economics
Types of Trade
Import
Export
Instruments of Trade Policy - "Trade policy uses seven main instruments: tariffs, subsidies, import quotas, voluntary export restraints, local content requirements, administrative policies, and antidumping duties" (Hill and Hult, 2017, p.196).
Tariffs
Subsidies
Import quotas
Voluntary export restraints
Local content requirements
Administrative policies
Antidumping duties
Types of Government Intervention
Political - "Political arguments for intervention are concerned with protecting the interest of certain groups within a nation (normally producers), often at the expense of other groups,(normally consumers), or with achieving some political objective that lies outside the sphere of economics relationships, such as protecting the environment or human rights" (Hill and Hult, 2017, p.201).
Protecting Jobs and Industries
Protecting National Security
Retaliating
Protecting Consumers
Furthering Foreign Policy Objectives
Protecting Human Rights
Economic - "Economic arguments for intervention are typically concerned with boosting the overall wealth of a nations (to the benefit of all, both producers and consumers)" (Hill & Hult, 2017, p.201).
General Agreements on Tariffs and Trades (GATT)
World Trade Organization (WTO)
General Agreement on Trade in Services (GATS)
Trade-Related Aspects of Intellectual Property Rights (TRIPS)