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Free Trade in the real World. Controversy over Globalization. Free Market/ Capitalism. Free Trade/ Globalization. Globalization: why now?. Fall of Soviet Union World embraces free market economic system 2) Rise of Technology
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Free Trade in the real World Controversy over Globalization
Free Market/ Capitalism Free Trade/ Globalization
Globalization: why now? • Fall of Soviet Union • World embraces free market economic system • 2) Rise of Technology • Allows jobs to be easily & cheaply moved around world
Road to Globalization Collapse of Communism (1990) World movement towards Capitalism Free Trade requires a set of “rules” WTO becomes Global Referee
WTO HISTORY • Created 1995 (replaced GATT) • 146 Members - incl. ~ 100 Developing Countries WTO Functions • Administering WTO trade agreements • Forum for trade negotiations • Handling trade disputes • Monitoring national trade policies • Technical assistance & training for Developing Countries
Test Review • Sample Multiple Choice Questions • Sample Free Response Questions