- Part of the Bretton Woods system

- stable trade and economic world environment

Internation Trade Organization (ITO)

- Charter was not approved by US congress (written grant)

World Trade Organization (WTO)

- June 1 1995, replaced GATT

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DIFFERENCE BETWEEN WTO AND GATT

GATT
- Multi-lateral Treaty
- concerned with Tariff Barriers in trade of goods
- Very weak disput settlement mechanism
- provisional
- contracting parties
- deals with trade in goods

WTOklllllklllk
- International Organization with membership
- No provisional app and no grandfather's right
- Non-Tariff Barriers
- Strong Dispute Settlement Mechanism
- Agreements are permanent
- has members
- deals with trade in services nad intellectual property

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UNILATERAL TRADE
- Type of agreement where it only benefits one country
- tariff raises import prices to make local made products seem lower in comparison

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REGIONAL ORGANIZATION

EUROPE: NATO, OSCE, EU, CIS

AMERICA: OAS, NAFTA, MERCOSUR, ANDEAN COMMUNITY, THE UNION OF SOUTH AMERICAN
NATIONS
ASIA: ASEAN, ASEAN+3, ARF, APEC, SCO, SAARC
AFRICA: AU, ECOWAS, SADC
MIDDLE EAST: ARAB LEAGUE, GCC

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LIBERAL DEMOCRACY
- Individual freedom
- limited government, popular sovereignty and plurality

Liberal
- open to new behavior or opinions and willing to discard traditional values
- supports scoail and political change

Democracy
- rule by the people
- voting

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NEOLIBERALISM
- form of capitalism where it deregulates the economy, defunds public goods
- destorys unions
- decreases taxes on rich and corporation
- favors big business and the wealthy
- Removes the protection of labor law
- Eliminates social services
- Police power. Military force to repress opposition

Problem
- Exersice of political power affects the market economy

Effects
- The rich become richer while the poor become poorer

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HEGEMONY
- dominance of one country or social group over others.
- acceptance of domination by the less powerful group