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(2-3 ). (10-15 ).




(10-15 ).

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13.

1. :

Text B. Protectionism and Free Trade

Protectionism takes many forms. Tariffs or taxes are levied on imports, and nontariff rules, in the form of quotas, quality and labeling standards, and a myriad of other restrictions, tend to keep foreign nations' goods and services out of domestic markets. Subsidies to domestic firms similarly disadvantage foreign competitors although foreign consumers get cheaper goods as a result.

The absence of protectionism is termed free trade, wherein goods and services flow across international boundaries on the primary basis of comparative advantage. Free trade is commonly under attack from protectionists.

The United States and most other countries offer in their laws certain trade preferences favoring some nation's goods and services for economic, political, and social reasons. The best-known U.S. preference is the so-called most-favored nation status. Any nation so qualified by the U.S. Congress is permitted to pay only the lowest level of U.S. tariffs. Nonqualifying nations face stiffer barriers against their goods when they seek to export into the U.S. market. Some element of international prestige is associated with the most-favored nation title. Tariff and nontariff barriers are the subject of continuing global debate and confrontation. National leaders have constituents who fear foreign inroads into their markets and/or demand special terms and conditions favoring their products over others. Periodically,theprincipal nations join in detailed and lengthy multilateral negotiations to reduce trade barriers. These are mainly under the aegis of the General Agreement on Tariffs and Trade (GATT). The overriding objective is to try to keep trade as free and open as possible so as to encourage greater world growth, employment, income, and investment. History records many instances where growing protectionism has led to international trade wars and eventually has caused political wars among belligerents.

When multilateral talks falter, bilateral agreements escalate between individual nations. Moreover, when global negotiations stall, there is a strong tendency for groups of nations with common geography and interests to form economic blocs, e.g., the European Economic Community, North American Free Trade Agreement (U.S., Canada, and Mexico), Association of Southeastern Nations, etc.

The future role of the United States in global affairs is changing because this nationdespite its superpower statuscannot alone police the world or dominate developments as in the past. Hence, global progress will depend more and more on alliances and shared leadership.

Few nations can survive for long in economic isolation from the rest of the world simply because political/geographical boundaries do not coincide with the natural resources, skills, and other essentials for the betterment of human welfare. Moreover, in matters of the environment, energy, and water, each nation has an impact on its neighbors and potentially more and more of the world.

World trade and financial flows reflect sharp variances in needs and advantages among individual countries. At any given time some nations will show surpluses in trade and payments balances, while others will experience corresponding deficits.

Balance of trade refers to the relationship of imports to exports of goods and services. Balance of payments is a more comprehensive measure that is defined variously to include financial investment flows of different maturities and purposes. Official or government-to-government payments and receipts also influence importantly changes in economic relationships among countries.

Aggregate surpluses and deficits must balance for the world as a whole. Chronic surpluses or deficits in any single country or region will cause economic and political repercussions and tensions, Surpluses often must be invested outside the nation, while deficits constitute international accounts payable which must be paid from reserves or financed by loans, financial aid from international bodies, or foreign government grants.

Actual measures of economic and financial flows between nations and across the world tend to be weak, with large annual errors and omissions; yet these data form the basis for major policy decisions with far-reaching consequences for war or peace.

2. :

1. bilateral agreement;

2. free trade;

3. nontariff rules;

4. quality and labeling standards;

5. myriad of restrictions;

6. foreign competitors;

7. to be under attack;

8. to be under the aegis;

9. multilateral negations;

10. shared leadership.

3. :

1. ;

2. ;

3. ;

4. ;

5. ;

6. ;

7. ;

8. ;

9. ;

10. .

 

4. , . , , :

1. measure;

2. finance;

3. error;

4. pay;

5. nation;

6. to constitute;

7. to agree;

8. to develop;

9. to vary;

10. to govern.

 

5. : , , , , . Some element of international prestige is associated with the most-favored nation title.

6. , : , , .

1.Tariffs or taxes are levied on imports, and nontariff rules, in the form of

quotas, quality and labeling standards, and a myriad of other restrictions,

tend to keep foreign nations' goods and services out of domestic markets.

2. The United States and most other countries offer in their laws certain trade preferences favoring some nation's goods and services for economic, political, and social reasons.

3. The best-known U.S. preference is the so-called most-favored nation status.

4. Some element of international prestige is associated with the most-favored nation title.

5. The overriding objective is to try to keep trade as free and open as possible so as to encourage greater world growth, employment, income, and investment.

7. :

1. What is protectionism?

2. What is free trade?

3. What is a most-favored nation status?

4. What processes are taking place under the GATT aegis?

5. What is the future role of the USA?

6. What is the balance of trade?

7. In what form are tariffs or taxes levied on imports and nontariff rules?

8. What is under attack from protectionism?

9. What is any nation permitted to pay?

10. What is the subject of global debate?

 





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