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The Dynamic Environment of International Trade - Coggle Diagram
The Dynamic Environment of International Trade
Global Perspective: Trade Barriers
Nations worldwide have a degree of trade barriers.
Issues confronting Int. Marketing
Barriers to trade
Tarrifs: Tax imposed by a gov
Non tarrifs
The Twentieth to the Twenty-First Century
Foster Economic growth to help create a strong world economy.
GATT: a forum to negotiate tariffs and other barriers to trade
GATT became part of the World Trade Organization 1995
117 Original members
Move towards free trade
Underdeveloped countries
Balance of Payments
The system of accounts that records a nation’s international financial transactions
Records all financial transactions between its residents and those of the rest of the world during a given period of time
Overall view of its international
economic position
Protectionism
Purpose of protecting a country from intrusion by foreign companies
Reasons of gov restrictions;
industrialization of a low-wage nation
protection of an infant industry
need to keep money at home
encouragement of capital accumulation
conservation of natural resources
Easing Trade Restrictions
The Omnibus Trade and Competitiveness Act of 1988
The WTO is an institution pushed to be created by the US.
The WTO’s agenda:
Threats of boycotts
Sanctions
Country's Membership
All member countries have equal representation
Enhancing the competitiveness of American industry
The Int. Monetary Fund
& World Bank Group
Control exchange rates
WBG has 5 institutions
Cope, Lend, provide, to countries and investors
assist nations in becoming economically viable
184 Members