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Contents

ix

Economic Sanctions and Weapons of Mass Destruction: North Korea and Iran ............ 225

Do Automaker Subsidies Weaken the WTO? ............................................ 227

Summary ................................................ 227 Key Concepts & Terms .............................. 228 Study Questions ....................................... 229

CHAPTER 7

Trade Policies for the Developing Nations ......................................... 231

Developing-Nation Trade Characteristics ........ 231

Tensions Between Developing and Advanced Nations .................................................. 233

Trade Problems of the Developing Nations ..... 234 Unstable Export Markets ......................... 234 Falling Commodity Prices Threaten

Growth of Exporting Nations ................... Worsening Terms of Trade ...................... Limited Market Access ............................

235 236 238

Does Aid Promote Growth of Developing Nations? ............................... 253

How to Bring Developing Nations in From the Cold ...................................... 253

Economic Growth Strategies: Import Substitution Versus Export-Led Growth ................................................... 255

Import Substitution ............................... 255

Import-Substitution Laws Backfire on Brazil ............................................. 256

Agricultural Export Subsidies of Advanced Nations .................................

Stabilizing Primary-Product Prices ................ Production and Export Controls ................ Buffer Stocks ........................................ Multilateral Contracts ............................

240 241 241 242 243

Does the Fair-Trade Movement Help Poor Coffee Farmers? .............................

The Opec Oil Cartel .................................. Maximizing Cartel Profits ....................... OPEC as a Cartel ..................................

244 245 245 247

Are International Labor Standards Needed to Prevent Social Dumping? ........ 248

Export-Led Growth ................................ 257

Is Economic Growth Good for the Poor? ............................................. 259

Can All Developing Nations Achieve Export-Led Growth? ............................... 259

East Asian Economies ................................ 260 Flying-Geese Pattern of Growth ................ 261 Chinas Transformation to Capitalism ........... 262

Chinas Export Boom Comes at a Cost: How to Make Factories Play Fair .............. 264

Does Foreign Direct Investment Hinder or Help Economic Development? ...................................... 265

Aiding the Developing Nations .................... 249 The World Bank ................................... 249 International Monetary Fund ................... 251 Generalized System of Preferences ............. 252

India: Breaking Out of the Third World ........ 266 Summary ................................................ 268 Key Concepts & Terms .............................. 269 Study Questions ....................................... 269

CHAPTER 8

Regional Trading Arrangements ....................................................... 271

Regional Integration Versus Multilateralism ......................................... 271

Types of Regional Trading Arrangements .......................................... 272

Missing Benefits: The United States Falls Behind on Trade Liberalization ....................................... 274

Impetus for Regionalism ............................. 275

Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

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