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Chapter 5
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arbitrage
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the artificial trade of goods between countries solely for the purpose of exploiting any price differential caused by shifting exchange rates.
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intra-trade
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international trade among countries that belong to the same group (e.g., a regional or trade grouping).
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moral hazard
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a situation in which someone will purposely engage in risky behaviour, knowing that any costs incurred will be compensated by the insurer (lender).
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neo-conservative
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refers to the political movement, ideology, and public policy goals of “new conservatives” in the United States.
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political union
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occurs when regional groups centralize their political apparatus to coordinate all governance aspects generally associated with those found in a nation’s state.
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regional trading blocs
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aims to remove all tariff and non-tariff barriers that impede the free flow of goods and services between participating members.
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regionalism
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the regional integration of nations by entering trade agreements.
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regionalization
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clusters of trading nations.
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rules of origin
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“laws, regulations and administrative procedures that determine the origin of a good."
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Triads
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the name for the world’s three major global regional clusters or trading blocs: the United States, the European Union, and, in combination, China and India.
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TRIPS
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Intellectual property agreement adopted by the WTO; an attempt to set global rules for trade and investment in ideas and creativity.
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