Global Economics

Sanjuktha Pendyala and Alex Vuchcov
Shropshire - 3rd

OPEC: Organization of Petroleum Exporting Countries

~producer cartel for oil producing states of Iran, Iraq, Kuwait and etc

~huge increase in the cost of petroleum triggered their economy downturn

~the policies contributed to global recession and debt crisis

GATT: General Agreement on Tariffs and Trade

~international trading system

~purpose was to substantially reduce the tariffs of other trade barriers

~after many negotiations, they agreed to sign the establishment of WTO (World Trade Organization)

   *between 1948-1p1977, trade grew tremendously

 *by 1980s, trade slowly decreased

-promotion of free trade has occurred in regional trading alliances

-ASEAN (Association of Southeast Asian Nations) goal was to accelerate economic progress and political stability in Southeast Asia

-1992; established free-trade zone to cut off tariffs on industrial goods over a 15 year period

-EU (European Union) has distanced itself from the influence of US

*largest of regional trading blocs

- NAFTA (North American Free Trade Agreement) with Canada and Mexico

*Is created to make it easier for Americans to purchase Canadian and Mexican goods, increasing workers' wages slightly in all three countries

*The world's second-largest free-trade zone

The Little Tigers

-Hong Kong, Singapore, South Korea and Taiwan

-All 4 countries suffered from a shortage of capital, lacked natural resources  and had to cope with overpopulation.

-They transformed these disadvantages to advantages through export-driven industrialization

-Gained economic power

-Known for high economic power and rapid industrialization


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