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PED, PED SUMMARY KEY CONCEPTS, :question::question::question:, :question:…

- - - - Legal agreement to minimize barriers to intl trade
        
        Reducing quotas
        
        Reducing tariffs
        
        reducing subsidies
      - Purpose: boost economic recovery post WWII
      - Reconstructing and liberalizing global trade
      - Deal with agreements beyond regional level
  - - - major industrialisation and innovation end 18th-beginning 19th century, began in Great Britain
      - 2nd industrial rev: America, 1820-1870
        
        electricity, combustible engine, lightbulb
      - problems: migration to cities, people left agriculture work, deplorable working conditions at factories, child labours. Just because better pays than farming, shortage of food, pollution, depleting urban resources, sewage flowed due to factory waste to river, health issues of factory workes
      - It's a shift from agrarian economy to manufacturing economy
      - Division of labour and specialization
      - increase efficiency and productivity
      - steam engine, spinning jenny, telegraph
- - - - responsible for the transformation of comparative production advantages into absolute price advantages
      - Full employment
      - perception of int'l trade as a static and harmonious phenomenon
- - - - FTA
      - Boundaries between developed and developing countries
      - Structure
- - - - privatisation
      - deregulation
- - - - emphasize on sectoral analysis
      - linking macro to micro econ
      - employment
      - Gender dynamics
      - Sustainable livelihood