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Definitions: right-down Advantage - A country has an absolute winnings in a particular good if it can have that good at a lower cost than another(prenominal) country. Ex. whirl smith argued that gains from free betray result Absolute Advantage. Pg 169 (More in detail) Heckscher-Ohlin Theory- Postulates that comparative advantage is determined by the recounting teemingness and scarcity of factors of productions(Land, labor party, and crownwork). Capital rich states should severalize in capital intensive production, and states with an abundance of cheap labor should specialize in labor intensive production. Ex. Labor is a little dear(predicate) input in a state with an long tally of labor and this gives labor-abundant states a cost advantage in producing labor intensive good. Pg.170-171 Strategic craftsmanship system- A realist betray theory that a state can success risey withdraw in industrial targeting to alter its comparative or emulous advantage vis-a-vi s other states. The states tend to favor industries with advantages in investigate and development, technology, economies of scale, and market power. 169-172 Nondiscrimination- The fundamental cornerstone of the global cunning organization. External( most-favored-nation treatment) and internal (national treatment).

pg 177 true(p)guards- The safe guards principle principle permits WTO members to temporally kindle a duty above the maximum obligation hold fast to limit imports that may harm domestic producers. Ex. Safe guards were utilise after WWII as the embedded liberal compromise because they allowed states to sucker international agreements without jeopardizing domestic stabil ity.Pg 180 Washington Consensus- Refers t! o the neoliberal notion that countries can best achieve economic growth through and through with(predicate) free markets, a dominant private sector, democratic government, and administer relaxation method. Ex. Washington consensus applied to 1980s foreign debt crisis. Pg 318 Stolper-Samuelson theory - posits that trade liberalization benefits abundantly endowed factors of...If you want to get a full essay, order it on our website: OrderEssay.net

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