Trade and global economy

What are the "four tigers" of East Asia

1) South Korea 2) Taiwan 3) Hong Kong 4) Singapore

Two examples of criticism of the WTO

1) give more power to the richer countries 2) they do not do enough to in force reducing poverty

What are three consequences of global economic crisis that began in 2008

1) housing market crashed 2) unemploment numbers spiked 3) many bankimg systems crashed

The rapid spread of the current economic crisis is directly related to the __________ if the __________ ___________.

Closeness World Economy

Leaders of Truman's generation believed that _________ _______ was crucial to the ________ ___ ______ _____ __________ and the ________ ____ _____ ________.

International Trade Health Of The U.S. Economy Stability Of The West

What does NAFTA stand for?

North America free trade agreement

What is protectionism?

Put up "barriers" to restrict trade, an economic strategy to limit trade.

Define globalization

The economic, political, cultural, and social transformations occurring throughout the world

What is the purpose of the WTO? (World Trade Organization)

The purpose of the WTO is to regulate international trades

At a most basic level, people trade because _______ ______ ________ to be had.

There Are Gains

Define free trade

Trade without barriers

What is dumping?

When companies overload market with products that are marked way below the price to produce them