Chapter 16 Self-grading Quizzes

Free-Trade, Fair-Trade, and South-South Trade
. Some commodity control schemes succeeded ________.

. Free trade moved to the centre of global trade policy in the ________.

. The following accurately describes the idea of comparative advantage: ________.

. The ________ is the major global governance institution tasked with policing and promoting free trade and deregulation among its member states.

. ________ have the highest average annual export trade.

. According to the text, trends in trade exports have major significance for ________.

. The ________ perspective is premised on the notion that the removal of barriers to trade and the limitation of state intervention in economic and social interactions will provide the greatest social gains in the North and the South.

. The escalating tariff rate for coffee beans entering the European Union is an example of ________.

. Neoliberal structural adjustment policies (SAPs) ________.

. According to Michael Goldman, the World Bank gets a great deal of power from ________.

. Despite the WTO's shortcomings, passionate free trader ________ still prefers its multilateral vision to the burgeoning array of bilateral "free trade" agreements.

. ________ believed that free trade must be understood as an ideological tool designed to ensure the "hegemonic" dominance of the world system by the elites in northern countries.

. In the 1950s, international agreements under the oversight of the United Nations were signed from major commodities. ________ was not one of these commodities.

. ________ is the number-one purchaser of major goods, from cars and pork to timber, gold, and crude oil.

. The Foxconn Research Group, composed of researches in China, Hong Kong, and Taiwan, conducted an investigation into ________.

. Some Marxist dependency theorists have called on Southern countries to strategically _______.

. Poorer countries frequently find themselves ___________.

. Poorer countries' comparative advantage is frequently based on _______.

. Research on global supply chains suggests that ____________.

. Women are often __________.

. Child-rearing, household labour, taking care of the sick or elderly are examples of _________.

. The debate on free versus fair trade frequently focuses on ______________.

. Commodity control schemes generally involved ______________.

. Some commodity control schemes like in the case of ____________ provided important price supports to small producers.

. Embedded liberalism combined _____________

. Comparative advantage refers to a state's ability to trade effectively.

. Power/knowledge regimes, such as the free trade discourse, serve to naturalize and legitimize the current world order.

. The theory of unequal exchange argues that developing countries cannot gain from comparative advantage through international trade because the money earned from exporting primary commodities will always be less than the cost of importing industrial goods from the North.

. According to fair trade supporters, markets have always been regulated to some extent.

. The International Coffee Agreement (ICA) is a successful example of regulating international prices.

. The World Trade Organization (WTO) adopts a fair trade perspective.

. The fair trade perspective has been extremely optimistic about the possibilities of a win-win situation in international trade.

. The first United Nations Conference on Trade and Development (UNCTAD) in 1964 saw a call for "aid not trade."

. The period of embedded liberalism (1960s to 1980s) saw more improvement on human development indicators than the era of neoliberal free trade (1980s onward).

. The 1963 International Coffee Agreement (IFA) failed to significantly regulate coffee prices on world markets.

. The national development of southern countries is restricted and distorted by the unequal exchange of lower-priced primary commodities.

. It is wrong to assume that structural adjustment policies were the powerful mechanisms for the expansion of free trade policies over the developing countries.

. From 1980, an array of labour, environmental, indigenous, human rights, and women's groups actively supported free trade policies.

. In relation to the COVID-19 pandemic and the global garment industry, the sudden drop in demand in 2020 led corporations to abruptly cancel £8bn of orders, leading to the loss of millions of jobs in the Global South, slashed wages, and a spike in sexual abuse among women garment workers desperate to keep any job.

. Perhaps one of the most unpredictable events to have occurred in the past decade or so has been the "Rise of the South."

. The total value of world exports of merchandise trade increased from $1.4 trillion in 1990 to more than $18.8 trillion in 2018.

. The connection between trade and development cannot be made even stronger by the growing number of "free trade" agreements.

. Free trade is premised on the notion that removing barriers to trade and limiting state intervention in economic and social interactions will provide the greatest gains for developed countries only.

. International organizations, such as the World Bank (officially the International Bank for Reconstruction and Development, ibrd), the International Monetary Fund (imf), and the World Trade Organization (wto) believe free trade will provide the greatest gains for all nations.

. Milton Friedman believed that governments have sufficient information and knowledge and are not biased toward specific interest groups.

. Neoliberalism is based on the argument that the main driver behind the economic growth of industrial leaders is due to their devotion to free trade

. Comparative advantage was originally formulated by Paul Krugman in the 19th century

. Most trade economists favour free trade policies based on the idea of comparative advantage.

. David Ricardo raised concerns that the benefits of trade are distributed unequally.

. Fair traders challenge free traders' by arguing that the rich nations in the North, as well as the newly industrialized countries (NICs) in Asia and Latin America, all emerged historically without protective walls of import controls, tariffs, levies, quotas, and preferences designed to protect domestic industry and enhance export industry.

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