World Trade
Your country obtains capitalistic qualities such as elimination monopoly in goods, better quality from competition, other companies set up factories in your country so it opens up job opportunities
What happens when you convert to international trade?
When wealthier countries will send and invest within LDCs leading to economic growth and growth in the market
What is FDI?
When there is challenge in maintaining jobs and development– this makes it hard for governments to invest in needs
When do recessions and economic crises occur?
India after it gained independence in 1991
What is an example of conversion from self-sufficiency to international trade?
Migrant workers send money back to their families and it helps the countries economies from where they migrated from.
What are remittances
Economic setbacks
What can hinder a country's track of progress?
1.8% to 6.5% average
How did India's gross national income change when it converted to capitalistic practices and international trade?
Tariffs and imbalances
What hinders growth during trade?
Small loans to people and small businesses in LDCs that cannot get loans otherwise
What is Micro Financing?
Operates trade internationally, helps developing countries with their trade capacity, helps enforce agreements, and takes action against copyright and copied patents
What does the WTO do?
International Monetary Fund and the World Bank
What are two types of loans?
An idea that was proposed in Europe to adopt all of the same currency for economic sake.
What was Europe's Sovereign Debt Crisis?
Many decisions are made only within their circle, is considered "antidemocratic", and promotes unsustainable production patterns
Why is the WTO controversial?
$177.5 billion
What is the FDI in America?
In 2008, these two countries showed similar economic patterns in the severe recession
What are Germany and Greece?