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- The surge of international trade arrived only - United Nations Conference on Trade and
with Europe’s industrial revolution and the Development (UNCTAD) aims to promote trade
consequent repeal of the British Corn Laws in and cooperation between the developing and
1846 in particular. the developed nations.
- The so-called Cobden-Chevalier treaty of 1860 - Uruguay Round meant to be a grand bargain
allowed the UK and France to specialize in between developed and developing economies.
commodities based on their respective The former were expected open the markets,
comparative advantages and to achieve further especially to agricultural and textile products,
advances in industrialization. whereas the latter accepted the new regulation
- Voluntary trade also helped to avoid the on intellectual property rights and services.
eruption of an abrupt war between the two While developing countries have opened up
countries. their service markets, their export of
- Several other bilateral trade agreements agricultural products is still blocked by
followed suit across Europe, each built upon the advanced nations.
so-called most-favoured nation (MFN) principle, - The current trade regime and especially its main
which stated that any negotiated reciprocal propagator, the WTO, is heavily criticized for ‘a
tariff reductions between two parties should be striking asymmetry’.
extended to all other trading partners without
conditions.
- Europe witnessed the emergence of a sort of
multilateral system of bilateral agreements,
giving birth to the ‘first common market’ in the
second half of the nineteenth century.
- The Smooth-Hawley Act of 1930 increased
tariffs to record-high levels in the United States.