Download file to see previous pages...
In 1930 the Smoot-Hawley act was enacted to prevent U.S owners of factors of production from being threatened by the Great Depression at the time. The rates were set high to cushion them from incurring losses. On the other hand, the trading partners responded promptly by taking similar measures a move which worsened the economic condition that was prevailing. The congress was forced to act very fast in order to control the situation that was deteriorating and consequently the Reciprocal Trade Agreement Act was implemented in 1934.The act gave the president the powers allow for tariffs that met the thresholds that had been agreed jointly by the trading partners (Cooper, 2014,pgs 2-3).
Political institutions play a major role in coming up with trade tariffs and trade policies. Their main purpose is to protect the interests of traders from being exploited by their trading partners. When they participate in coming up with the tariffs such as having bilateral and multilateral agreements, a lot of opportunities are opened up for the citizens of the country and businesses operate in an efficient manner. The decisions made in coming up with these trade tariffs and policies has political consequences for the government in power because producers are most likely to support regimes that come up with policies that favor them. On the other hand, producers are likely to disregard regimes that come up with unfavorable policies according to them because they seem to be undermining their operations (World Trade Report, 2007, Pg 55).
The Great Depression in the 1930s forced the U.S to review its trade policies and tariffs. The country was forced to bend low the trade barriers so as to forge economic cooperation with other countries. Trade became liberalized although the move was seen to have some political agenda. The U.S congress was adamant to give the president freedom
...Download file to see next pagesRead More
The importance of cultural industry is not merely limited to its economic capabilities (which is, of course, relatively strong); but also to the prominent role it has on the making and unmaking of peoples' identities, attitudes, values and lifestyles. The dynamics and complexities of the relationships between culture, creative industries and the political and economic development of societies have gained the attention of theorists and researchers from the mid-twentieth century itself.
"Political economy considered as a branch of the science of a statesman or legislator proposes two distinct objects, first, to supply a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, to supply the state or commonwealth with a revenue sufficient for the public service.
In this essay, I am going to look at some of the major economic theories and their assumptions especially on the need and role of government action or involvement in the economy. This analysis is based on a review of john Freebairn of the Australian car manufacturing industry.Markets are generally a system of social arrangements that allow people to gain information regarding goods and services.
The imperceptible school of thought in international politics economy has become divided. This division is mainly between the rationalists and critical scholars. However, recent developments point towards a scope in rebuilding it and the dramatic
The article is entitled “What kind of capitalism?” (www.economist.com, 2013 and concluded on the argument that the “huge benefits that a freer flow of people, trade and capital has brought over the decades, even if such
Maswood (2000) stated that the main purpose of the feminist theory of IPE is to understand the effects of gender on international politics and then elaborate the feminist understanding of the international processes. The Feminist
e is mandated to fulfill effectively, however, in their bid to fulfill this needs, they are always confronted by few and unlimited resources, for this reason, a choice steps in (Gregory & Stuart 2013 35). Economics has several branches that that deal with how this important
The relationship between politics and economics are interrelated in that they affect each other by either controlling the policies or practices. This is essay will dwell on the three main challenges facing the International Political Economy the roots, causes and possible remedies that could solve these issues .
According to Pihlstrom, ontology deals with the determination of whether various categories of being are fundamental in addition to seeking the sense in which categories of being are said to be1. People know reality through the study of knowledge and understanding. Philosophers
9 Pages(2250 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic Political Economy for FREE!