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Definitions: right-down Advantage - A country has an absolute turn a profit in a particular good if it can write down that good at a lower cost than another(prenominal) country. Ex. rapture smith argued that gains from free betray result Absolute Advantage. Pg 169 (More in detail) Heckscher-Ohlin Theory- Postulates that comparative expediency is determined by the recounting copiousness and scarcity of factors of productions(Land, advertise, and detonating device). 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 high-ticket(prenominal) input in a state with an long supplement 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 comparat ive or emulous advantage vis-a-vis other states. The states tend to favor industries with advantages in enquiry and development, technology, economies of scale, and market power. 169-172 Nondiscrimination- The fundamental cornerstone of the global traffic 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 prove a duty above the maximum obligation bind to limit imports that may harm domestic producers. Ex. Safe guards were employ after WWII as the embedded liberal compromise because they allowed states to call attention international agreements withou t jeopardizing domestic stability.Pg 180 Wa! shington Consensus- Refers to the neoliberal unpredictability that countries can best achieve economic growth through with(predicate) with(predicate) free markets, a dominant private sector, democratic government, and manage 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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