1. What is the World Trade Organisation? Explain its creation and purpose? Has it proved itself positively in promoting balanced global trade? What challenges doe the WTO presently face?
2. What are Money Markets? How did they operate? Explain.
ANSWER THE TWO QUESTIONS IN SEPARATE TWO ESSAYS, 6 PAGES EACH
incorporate as many of of the following basic political economic terms as possible into each of the two essays. Do be certain to incorporate other useful data from the Wheelan text, and various suggested scholarly IPE books and articles as well.
The WTO, NAFTA, and GATT
NIC’s and example nations
Welfare and Distributional Consequences
Explanatory and Evaluative Studies
Welfare Evaluation
Liberalism(Economically defined)
The Philosophies of Adam Smith and David Ricardo
Marxism
Interests and Material Interests
Political Institutions
Market Liberalism
MFN & GSP
National Treatment and Nontariff Barriers
Customs Union
Dispute Settlement Mechanism
The Doha Round
Free Riding and Free Trade Area
Generalised System of Preferences
Hegemon and Hegemonic Stability Theory
Intergovernmental Bargaining
Ministerial Conference
Nondiscrimination
Public Good
RTA
Tariffs, Trade Creation, and Diversion
Bargaining
Contract Curve
Enforcement Problem
Factor Endowments
Hecksher-Ohlin Model
Nash Equilibirium
Outside Option
Pareto Suboptimal
Patience
Reciprocity
Collective Action Problem
Export-Oriented Sector
Factor Mobility and Model
Factor-Price Equalisation
Import-Competing Sector
Majoritarian
Proportional Representation
Reciprocal Trade Agreements Act
Sector Model
Specific Factors
Stolper-Samuelson Theorem
Veto Player
Economics of Experience
Economics of Scale
Industrial Policy
Infant-Industry Case for Protection
Oligopoly
Rents
State Strength
Strategic-Trade Theory
Backward Linkages
Big Push
Complementary Demand
Easy ISI
Enclave Agriculture
Export Substitution Strategy
GATT Part IV
Generalised System of Preferences
Group of 77
Import Substitution Indsutrialisation
Monoexporters
New International Economic Order
Pecuniary External Economics
Secondary ISI
Singer-Prebisch Theory
Structuralism
Terms of Trade
United Conference on Trade and Development
LIBOR
Central Banking
Equity Market Bubbles
“Toxic Assets”
Lehman Brothers and Bear Stearns
Paul Volcker
