Week 2 notes: Origins of International Econ
Week 2 notes: Origins of International Econ ECON 2100 035
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This 2 page Class Notes was uploaded by Nisha Esmail on Monday September 5, 2016. The Class Notes belongs to ECON 2100 035 at Georgia State University taught by Robert Moore in Fall 2016. Since its upload, it has received 2 views. For similar materials see Honors Global Economics in Global Economics at Georgia State University.
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Date Created: 09/05/16
August 30, 2016 I. Origins of Intl. Economics a. Adam Smith i. 1776 ii. Wealth of Nations 1. Introduced idea of absolute advantage based on resource costs (mutually beneficial trade) b. David Ricardo i. 1817 ii. Principles of Political Economy and Taxation 1. Contain idea of comparative advantage based on opportunity costs II. Why is it important to study Intl. Economics? a. Political boundaries are important i. Currencies ii. Immobility of labor = other factors of production (moving to get a job) iii. Redistribution of income (lack of) iv. Culture and Values are Similar or not? b. Economics is important of intl. relations i. Embargo with Cuba punishment ii. incentive iii. promote growth generalized system of preferences lower level of trade barriers with countries below certain level of economic standard c. Growing economic interdependence i. Growth of world GDP versus growth of world exports d. Emergency and importance of Intl. Econ organizations i. Bretlon Woode Conference May? 1. Intl. bank for reconstruction and development (IBRD) `944 i. World Bank Group b. Intl. Development Agency (IDA) 1960 – makes loans to national gov for reconstruction. c. IFC (intl. Finance corp) – 1956, work better with individual companies, makes loans to companies within countries August 30, 2016 d. MIGA (Multilateral Investment Guarantee Agency) – 1985, goes to private sector loans and guarantees loans, and administer loans. e. ICSID – (Intnl. Center of Settlement if Intl. Dispuits), 1966 – basically what it souds like f. IMF – 1946, help bridge needs in crisis in exchange for reforms in government actions cutting gov expenditures. g. ITO – (Intl. Trade Org), h. GATT – (General Agreement on Tarriffs and Trade), Geneva Switzerland. i. WTO – (World Trade Org), 1995, place for negotiation, settlement for disputes, trade, etc.
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